The Latest: NJ ratepayers could see costs rise up to $41

MarketsAssociated Press

The Latest on proposed legislation to rescue New Jersey's nuclear power sector (all times local):

3:30 p.m.

Continue Reading Below

New Jersey utility ratepayers could end up paying between roughly $31 and $41 annually under proposed legislation aimed at helping the state's nuclear power plants remain solvent.

Those estimates mean the proposed legislation carry a cost of roughly $240 million to $320 million.

PSEG, the state's biggest utility and driver behind the legislation, estimated Friday that ratepayers would pay about $31 a year under the new legislation.

Stephanie Brand, the state's ratepayer advocate, estimated the cost is closer to $41.

PSEG says the legislation is required to keep its two nuclear plants, which account for nearly half the state's electricity production, open.

The legislation was unveiled Friday and is set for a hearing on Wednesday.


11:05 a.m.

New Jersey's electric utilities would be required to purchase credits from nuclear power plants to help rescue the industry under new legislation.

Lawmakers on Friday introduced a bill aimed at helping the state's nuclear power plants.

The state's biggest utility, PSEG, testified before lawmakers that their nuclear power plants are headed toward shuttering within two years if they do not get state help.

The cost of the credits is not clear in the legislation, but environmental groups are criticizing them as a "direct subsidy from the ratepayers."

PSEG did not immediately respond to requests for comment on the bill.

The legislation comes during the Democrat-led Legislature and outgoing Republican Gov. Chris Christie's lame-duck period. Christie has said he'd consider a bill to rescue PSEG's nuclear plants.

New Jersey's electric utilities would be required to pay for credits from nuclear power plants under legislation lawmakers unveiled Friday as part of an effort the