New Jersey OKs $300M annually to rescue nuclear industry

SOUTH BRUNSWICK » Legislation that would authorize $300 million annually to rescue New Jersey’s nuclear energy industry — a request for financial help made by the state’s largest utility company — was signed into law Wednesday.

Democratic Gov. Phil Murphy alongside lawmakers at a solar array in central New Jersey also signed a measure aimed at strengthening the state’s renewable energy goals. The nuclear measure will be funded by ratepayers; the cost of the renewable energy legislation is unclear.

The nuclear legislation stems from a request from Public Service Enterprise Group for financial assistance for its three nuclear plants, which supply about 40 percent of the state’s electricity. PSEG says the plants might not be viable in two years given other cheaper fuels. The company’s president and CEO, Ralph Izzo, also points to the nearly 2,000 jobs that would be at stake if the plants shuttered.

“Signing these measures represents a down payment to the people of New Jersey on the clean energy agenda I set forth at the beginning of my administration — a plan that will always consider the best interests of our residents and our environment while growing our economy,” Murphy said.

The legislation was bitterly opposed by some environmental groups as well as manufacturers and consumer advocates. They say it’s unclear the subsidy is needed.

“Gov. Murphy will shamefully sell out ratepayers and clean energy in giving PSEG the biggest corporate subsidy in state history,” said New Jersey Sierra Club director Jeff Tittel.