The Nuclear Safety Net Bill is Good for New Jersey
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).
Nuclear power helps ensure the reliability of the grid
- Nuclear power produces nearly half of New Jersey electricity.
- If the plants close, New Jersey will become almost totally reliant on one fuel source – like putting all of our eggs in one basket.
- If the plants close, New Jersey will be at great risk of power disruptions from low-probability, high-impact events.
Nuclear is critical to NJ’s air quality
- Nuclear currently provides more than 90 percent of New Jersey’s clean energy.
- Closing of the nuclear plants will be a huge step backward – increasing climate change gases and other pollutants by 14 million tons a year.
- Cost to the state of increased pollutants estimated to be more than $700 million a year.
NJ is vital to New Jersey’s economy
- Close to 6,000 jobs are dependent on the three nuclear plants in South Jersey.
- Closing the plants would result in more than $800 million in lost state GDP.
- State tax revenues would decline by $37 million if the plants closed.
It is cheaper to preserve nuclear than to replace it
- Studies (links to Brattle report and IHS report) estimate the cost to consumers of closing the plants would be in excess of $400 million a year.
- It will cost 40 percent more to replace the plants than to preserve them.
Produced by PSEG Power LLC