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Huge corporate subsidy to be given by New Jersey Governor to nuclear industry

New Jersey Governor Plans to Sign Nuclear Bailout Bill, Bloomberg, By and

  • Bill seen costing customers more than $300 million a year
    Exelon, Public Service Enterprise Group own reactors in state
  • New Jersey Governor Phil Murphy plans to sign a bill requiring utility customers to spend more than $300 million a year to rescue struggling nuclear power plants run by Exelon Corp. and Public Service Enterprise Group Inc., according to a person familiar with the matter.

    The legislation, approved in April by the state’s Democratic legislature, aims to keep the state’s three nuclear plants operating, after owners warned the facilities were no longer economic amid lower power prices.

    Murphy, a Democrat who was sworn-in in January, has not said publicly if he supports the measure, which some environmentalists oppose. A schedule released by his office Tuesday said he planned to sign “energy bills” at 11 a.m. Wednesday.

    …….. Exelon and PSEG didn’t immediately comment. A spokesman for the Electric Power Supply Association, which represents independent power producers and has opposed subsidies for coal and nuclear plants, called the move “disconcerting.”“If news reports are true that Governor Murphy will sign the nuclear bailout legislation without seeking amendments, it is a sad day for New Jersey consumers and the future of competition in the state,” John Shelk, president of the Washington-based association, said in an email.

  • ……. The Sierra Club is one of several environmental groups that have criticized the plan, calling it the “biggest corporate subsidy in state history.”

May 25, 2018 - Posted by | politics, USA

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