New Jersey Legislatures Passes $300M-A-Year Rescue Of Nuclear Industry

"TRENTON, N.J. — New Jersey’s Democrat-led Legislature on Thursday passed a $300-million-a-year financial bailout for the state’s nuclear industry, one that could raise the bills of utility ratepayers by $41 a year if approved by Gov. Phil Murphy.

The measure passed the Assembly and Senate after several re-writes and boisterous objections from consumer advocates and environmentalists who warned it would penalize state residents. It also received a strong push from Senate President Steve Sweeney, whose district includes nuclear plants.

Under the legislation, the state’s utility companies would be required to purchase credits to support nuclear energy. Those costs are expected to be passed directly to ratepayers, with estimates ranging from about $30 to $41 a year."

Mike Catalini reports for the Associated Press Aprill 12, 2018.

Source: AP, 04/13/2018