MD SB434

Renames Maryland's "renewable energy portfolio standard" to "clean energy portfolio standard" and expands the definition of clean energy sources to include nuclear energy generating stations, including small modular reactors, alongside Tier 1 and Tier 2 renewable sources

Establishes a Public Service Commission process to review and approve nuclear energy generation projects, requiring applicants to submit detailed cost-benefit analyses, long-term pricing schedules (up to 30 years), decommissioning plans, and community benefit agreements with prevailing wage and labor requirements

Sets a state goal of 100% clean electricity and declares Maryland must facilitate construction of at least 3,000 megawatts from clean energy generation projects, with the clean energy portfolio standard requirements reduced annually by the percentage of nuclear generation output

Requires nuclear project applicants to make good-faith efforts to solicit minority investors, comply with the Minority Business Enterprise Program, and deposit at least $6 million into the renamed "Clean Energy Business Development Fund"

Protects ratepayers and the state from cost overruns on nuclear projects, requires all project debt instruments to specify they do not create state liability, and mandates that projects sell energy into PJM markets with proceeds distributed back to customers