Harrell last week. Photo: Nick Sobczyk/Axios
New ClearPath CEO Jeremy Harrell is shopping a nuclear financing proposal to help get advanced nuclear projects off the ground.
Why it matters: ClearPath is a player on nuclear policy and an important architect of how Republicans talk about climate and energy.
- Harrell, who recently succeeded longtime CEO Rich Powell, will likely become a common sight in Hill hearing rooms.
Nick recently sat down with Harrell over Thai food. The interview has been edited and condensed for clarity …
Let's say the ADVANCE Act passes. What are the next steps on nuclear policy?
There are three policy opportunities that are out there that I think are important — and it is also time for the industry to start building.
We need to continue the momentum on NRC modernization. We just saw Tim Scott … introduce a bill that didn't make it in the ADVANCE package.
Two, I think we do need to find some solution to help finance some of these next wave of projects. We've been working with leaders on Capitol Hill on a financing proposal that I think could get some significant attention.
And then I think the spent fuel conversation is ripe again.
Can you elaborate on that financing proposal?
How do we give the ratepayer a little more certainty? As we're getting past these first-of-a-kinds there is a little bit of a window where we need to bridge from project one to project five. That will make more states and more regions comfortable embracing nuclear as a big part of the solution.
Are you making the case to Republicans for the parts of the IRA you like?
Over the last eight years, [tax incentives have] been a big focus of ClearPath as a whole. The IRA just is what politicized this a little bit more.
Limited tax incentives … can drive investment and make these really sea-change infrastructure investments, can help catalyze American industry and help bridge the gap between new technology and full commercialization.
We know inevitably there's going to be a big tax package next year.
What are your priorities going into that 2025 tax debate?
Regardless of the political makeup postelection, a lot of horse trading is gonna have to happen.
Our big priorities in that case are how do we continue to ensure that credits like the clean electricity credit … are in place so that we can bring those technologies to market. 45Q — really, really important.
One opportunity that we think is interesting out there … is on the carbon dioxide removal side.
The new 45Q credit has a pretty robust incentive for direct air capture, but there are technologies other than mechanized direct air capture that are out there.
