A Nuclear Safety Net is Good for New Jersey
The cost of New Jersey losing nuclear would be 6 times the cost of preserving it.
Legislation being considered 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-certified every three years.
- 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.
Nuclear power helps ensure the reliability of the grid.
- Nuclear power produces nearly half of New Jersey’s 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 the foundation of New Jersey’s clean energy future.
- 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 by 14 million tons a year – equal to adding 3 million more cars to the road.
Nuclear is vital to New Jersey’s economy.
- Close to 6,000 jobs depend on the two South Jersey nuclear plants.
- Closing the plants would reduce New Jersey’s GDP by more than $800 million.
- State tax revenues would decline by $37 million if the plants closed.
It is cheaper to preserve nuclear than to replace it.
- Studies (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