A revised bill aimed at subsidizing Public Service Enterprise Group’s (PSEG) two aging nuclear power plants was introduced in New Jersey’s Senate Environment and Energy Committee today. If enacted, this customer-funded subsidy, would require all New Jersey electric customers to pay $300 million a year indefinitely to keep the aging plants in operation, adding an extra $40 a year to each customer’s electric bill. PSEG, PSE&G’s parent company, still needs to provide documentation to show these facilities are in need of financial assistance.
“We appreciate the revised bill includes some clean energy provisions like energy efficiency, community solar and energy storage, and want to make sure it prepares the state for a clean energy transition once these nuclear plants retire. This new bill also needs to guarantee New Jerseyans won’t have to pay as long as these aging, expensive nuclear plants are making money, especially since PSEG has acknowledged its plants are still profitable.”
A rigorous and independently verified financial analysis of the nuclear plants profitability should be conducted prior to launching a zero-emission credit (ZEC), which would reward the plants if they produce energy in a way that reduces carbon emissions.
- Mary Barber, Director, New Jersey Clean Energy