# Front-of-Meter Nuclear PPA Template v1.0

**Open-source. Published by ReactorN Intelligence. Free to use, fork, modify.**
**Not legal advice. Consult qualified energy counsel before execution.**

## Scope

This template is for **Front-of-Meter (FTM)** nuclear Power Purchase Agreements — where the generating asset delivers power to the grid and the buyer receives equivalent MWh at their delivery point (not co-located). Standard for hyperscaler-utility and hyperscaler-operator deals through 2024-2026.

**Use when:**
- Seller is an existing nuclear operator (e.g., Constellation, Dominion, Duke, Vistra, TVA)
- Buyer is taking power via the grid (PJM, ERCOT, MISO, etc.)
- Physical delivery at an ISO-defined node, not co-location

**Do NOT use for:**
- Behind-the-meter co-located deployment (see PPA_BTM_v1)
- SMR pre-operational offtake (see PPA_SMR_v1)
- Restart projects (see PPA_RESTART_v1)

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## Section structure (full template)

### 1. Parties
- Full legal names, jurisdictions of formation, addresses, execution authority

### 2. Definitions
Standard energy industry terms. Aligns with EEI Master Agreement definitions where possible. Key additions:
- **"Contract Year"** — 12 consecutive months starting Commercial Operation Date
- **"Delivery Point"** — ISO pnode or bus-equivalent as specified in Schedule A
- **"Capacity"** — firm MW as registered with ISO, accounting for planned outages
- **"Expected Energy"** — MWh per Contract Year assuming 92% capacity factor, adjusted annually
- **"Output"** — actual MWh delivered at the Delivery Point

### 3. Term and Conditions Precedent
- **Term:** 10, 15, 20, or 25 years (specify). Industry standard through 2026 is 20 years for existing fleet.
- **Conditions Precedent:**
  - NRC operating license in effect and not materially impaired
  - Interconnection and Transmission Service Agreement in effect at Delivery Point
  - Any required state PUC approval
  - Buyer corporate authorization (board resolution)
  - Regulatory approvals under FERC and state law

### 4. Delivery
- **Firm delivery** of Output to Delivery Point
- Forced outage allowance: industry standard 5-8% of Expected Energy
- Planned outage notice: 180 days advance, max 45 days per refueling cycle

### 5. Pricing
Structure each as a separate schedule:

**Option A — Fixed $/MWh**
- $XX.XX per MWh of Output, with [CPI-linked / Fixed step] escalator
- Escalator cap: [2.5% / 3.0%] annual

**Option B — Fixed + Index blended**
- Base price $XX.XX/MWh (50%) + ISO day-ahead LMP (50%)
- Applicable LMP hub: [PJM West / ERCOT North / etc.]

**Option C — Capacity + Energy components**
- Capacity: $XX.XX per kW-month, based on registered Firm Capacity
- Energy: $XX.XX per MWh actually delivered
- ZEC / REC treatment: specify separately

### 6. REC and Environmental Attributes
- Ownership: Buyer OR Seller (specify — this drives ESG claims)
- If Buyer retains: includes Zero-Emission Credits (ZECs), RECs, GHG credits, carbon offsets
- Delivery: annual transfer via M-RETS / WREGIS / PJM GATS (specify registry)

### 7. Metering and Scheduling
- ISO-approved revenue-quality meter at Delivery Point
- Scheduling through Seller's control area with normal DAM/RTM obligations
- Curtailment risk allocation: typically Buyer bears ISO-directed curtailment

### 8. Force Majeure
Standard EEI Force Majeure with nuclear-specific additions:
- NRC order suspending operation = force majeure for Seller
- Refueling outages specifically carved out (NOT force majeure)
- Security incidents requiring shutdown = force majeure subject to 30-day recovery

### 9. Regulatory Out / Change in Law
Bifurcated:
- **Buyer-side regulatory change** (carbon rules, clean energy mandates expanding demand): standard continuation
- **Seller-side regulatory change** (NRC rule making material economic impact on operation): 
  - <10% economic impact: absorbed by Seller
  - 10-25%: shared 50/50 via pricing adjustment
  - >25%: either party may reopen for renegotiation; if no agreement within 90 days, termination with wind-down

### 10. Termination and Wind-Down
- Early termination fee: standardized schedule — PV of remaining payments at WACC + 150bps
- 90-day wind-down period for ISO registrations and attribute transfers

### 11. Credit Support
- Letters of Credit, parent guarantees, or collateral — specify
- Credit threshold triggers review (e.g., below investment-grade = LC posting)

### 12. Confidentiality / Disclosure
- Parties may disclose to regulators, lenders, rating agencies under NDA
- Public disclosure requires mutual consent OR SEC-mandated

### 13. Dispute Resolution
- Senior executive escalation → binding arbitration (AAA Commercial Rules) → NY courts

### 14. Miscellaneous
- Assignment restrictions
- Notices
- Entire Agreement
- Amendments require writing
- Governing law (typically NY, DE, or applicable state)

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## Commercial terms worksheet

Fill this in BEFORE drafting the long-form template:

| Term | Value | Notes |
|---|---|---|
| MW Capacity | | Firm, as registered with ISO |
| Expected Energy (MWh/yr) | | Based on 92% CF |
| Price structure | | A / B / C from Section 5 |
| Base price | $/MWh | |
| Escalator | CPI / Fixed / None | |
| Term | years | |
| COD (Commercial Operation Date) | | |
| REC / ZEC ownership | Buyer / Seller | |
| Force majeure recovery | days | Default 30 |
| Credit threshold | rating | Default investment-grade |
| Early termination | % of remaining PV | Default 100% at WACC + 150 |
| Governing law | state | |

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## Using this template

1. Copy to your working drive
2. Fill in the commercial terms worksheet with your counterparty
3. Engage energy counsel to execute the long-form draft
4. File with applicable FERC dockets as required

## Getting updates

This template is versioned on GitHub. v1.1 expected Q3 2026 with post-launch community feedback integrated.

Subscribe for notifications: intelligence@reactorn.app

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**License:** CC BY 4.0 — attribute "ReactorN Intelligence PPA Template v1.0" in use.