Maine Revised Statutes Title 35-A Sec. 4351 – Short title; findings
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This subchapter shall be known and may be cited as the “Nuclear Decommissioning Financing Act.” [PL 1987, c. 141, Pt. A, §6 (NEW).]
The Legislature has made the following findings. [PL 1987, c. 141, Pt. A, §6 (NEW).]
1. Proper decommissioning is essential. The Legislature finds that timely proper decommissioning of any nuclear power plant beginning at the time of its closing is essential to protect public health, safety and the environment and that the cost of decommissioning will be significant.
[PL 1987, c. 141, Pt. A, §6 (NEW).]
Terms Used In Maine Revised Statutes Title 35-A Sec. 4351
- Closing: means the time at which a nuclear power plant ceases to generate electricity and is retired from active service. See Maine Revised Statutes Title 35-A Sec. 4352
- Commission: means the Public Utilities Commission. See Maine Revised Statutes Title 35-A Sec. 102
- Decommissioning: means the series of activities undertaken beginning at the time of closing of a nuclear power plant to ensure that the final disposition of the site or any radioactive components or material, but not including spent fuel, associated with the plant is accomplished safely, in compliance with all applicable state and federal laws. See Maine Revised Statutes Title 35-A Sec. 4352
- Decommissioning fund committee: means a committee established to have overall responsibility, as described in section 4354, for a decommissioning trust fund. See Maine Revised Statutes Title 35-A Sec. 4352
- fund: means a trust fund set up as prescribed in sections 4353 and 4355 to hold money for the eventual purpose of paying decommissioning expenses. See Maine Revised Statutes Title 35-A Sec. 4352
- Licensee: means the holder of the operating permit from the United States Nuclear Regulatory Commission for a nuclear power plant. See Maine Revised Statutes Title 35-A Sec. 4352
- plant: means a nuclear fission thermal power plant situated in this State. See Maine Revised Statutes Title 35-A Sec. 4352
- Premature closing: means the closing of a nuclear power plant before the projected date of decommissioning, as projected in the decommissioning financing plan under section 4353. See Maine Revised Statutes Title 35-A Sec. 4352
2. Collection of funds to pay for decommissioning costs. To ensure that the customers who received the benefits of these facilities pay for these decommissioning costs, the Legislature finds that it is prudent for the State to require the licensee operating a nuclear power plant in the State to collect sufficient funds during the remaining useful life of the plant to pay for these costs.
[PL 1987, c. 141, Pt. A, §6 (NEW).]
3. Trust fund. The Legislature finds that the best way to ensure that the funds collected will be available when they are needed for decommissioning is to require that the funds be placed in a separate trust fund for each plant and invested by a trustee until they are needed for decommissioning.
[PL 1987, c. 141, Pt. A, §6 (NEW).]
4. Decommissioning fund committee. The Legislature finds that it is in the public interest to have a decommissioning fund committee responsible for the prudent management of the trust fund. That committee may be established by the licensee, with Public Utilities Commission approval, or publicly established, but in either case would be subject to the requirements of this subchapter.
[PL 1987, c. 141, Pt. A, §6 (NEW).]
5. Taxes. The Legislature finds that funds set aside for decommissioning protect the people of the State and thus serve an essential governmental function, that payment of taxes on these funds would be an unreasonable and inappropriate burden on the ratepayers and that the income earned by the fund should be tax exempt and payments made to the fund by the licensee should be tax deductible.
[PL 1987, c. 141, Pt. A, §6 (NEW).]
6. Premature closing of plant. The Legislature finds that assurance is needed that funds will be available for the cost of decommissioning which would occur if a nuclear power plant is prematurely closed.
[PL 1987, c. 141, Pt. A, §6 (NEW).]
SECTION HISTORY
PL 1987, c. 141, §A6 (NEW).