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