Two nuclear plants owned by Public Service Enterprise Group will not be profitable within two years and will have to shut down if they do not receive financial support, the company's CEO said Monday.
New Jersey’s two nuclear plants — Salem and Hope Creek — provide too many benefits to our state’s residents and businesses to stand idly by and allow them to close permanently.
The price of New Jersey losing nuclear would be 6 times the cost of preserving it.
Legislation provides significant consumer protections – if the need goes away, the support goes away.
- The owners of a plant must open their books to New Jersey regulators to demonstrate a financial need, that need will be re-established periodically.
- Payments to a plant would be offset by any direct or indirect support received through a federal or regional program to support nuclear.
- Participating plants would be obligated to operate while receiving payments.
- The cost of New Jersey’s Nuclear Diversity Certificates would be about $10/MWh, significantly less than the support given nuclear plants in Illinois ($16.50/MWh) and New York ($17.50/MWh).