New Jersey Lawmakers Finally Pass Nuclear Subsidy Bill

New York Observer ^ | 04/12/18 8:01 pm | Christian Hetrick

[Olog-hai]

After months of behind-the-scenes lobbying, multiple marathon hearings and several revisions to the legislation, New Jersey lawmakers finally approved a controversial bill on Thursday to bail out the state’s nuclear power plants.

The bill (S2313/A3724) cleared the state Senate by a 29 to 7 vote and passed the Assembly 60 to 10 with one abstention. It now goes to Gov. Phil Murphy’s desk.

The measure would effectively impose a surcharge on ratepayers to prop up nuclear power plants owned by Public Service Electric & Gas—the state’s largest energy company—if a state board determines the plants need financial assistance. A typical household could see energy bills rise roughly $41 per year to cover the cost of the estimated $300 million subsidy, officials have said.

PSEG has threatened to shut down its Salem and Hope Creek nuclear power plants if it doesn’t get the ratepayer subsidies, claiming the plants won’t be profitable within two years because cheap natural gas is driving down energy prices. Closing the plants could cost roughly 1,600 jobs, proponents of the bill say. …