[NJ] Legislatures passes $300M-a-year rescue of nuclear industry

April 12, 2018

New Jersey's Democrat-led Legislature on Thursday passed a $300-million-a-year financial bailout for the state's nuclear industry, one that could raise the bills of utility ratepayers by $41 a year if approved by Gov. Phil Murphy.

The measure passed the Assembly and Senate after several re-writes and boisterous objections from consumer advocates and environmentalists who warned it would penalize state residents. It also received a strong push from Senate President Steve Sweeney, whose district includes nuclear plants.

Under the legislation, the state's utility companies would be required to purchase credits to support nuclear energy. Those costs are expected to be passed directly to ratepayers, with estimates ranging from about $30 to $41 a year.

The bill provides the financial assistance for up to four years but the bill permits it to run longer and doesn't contain a sunset provision. It now goes to Murphy for his signature.

It had strong support from Public Service Enterprise Group, the state's largest utility operator which runs three nuclear plants at two facilities in southern New Jersey. Company officials praised the bill's passage...

Read more at The News & Observer.

 

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