NJ regulators approve $300M in nuclear plant subsidies
TRENTON, N.J. (AP) — New Jersey regulators voted to approve $300 million in customer-funded subsidies for the state’s nuclear industry despite finding the plants are financially viable.
The Board of Public Utilities voted 4-1 to approve the bailout at a packed meeting Thursday in the statehouse annex.
Democratic Gov. Phil Murphy signed legislation last year authorizing the board to consider the bailout.
Public Service Enterprise Group sought to subsidize its three nuclear power plants because it said they are in financial trouble without the subsidy.
It’s promised to shutter them without the bailout.
The board reviewed confidential financial information and found they are viable.
Board members expressed concern about the effect of losing the carbon-free-emitting plants on the environment and economy.
Utility customers would finance the subsidy, estimated at about $41 a year.