New Jersey OKs $300 million to rescue nuclear industry

May 23, 2018 - 12:04 pm

SOUTH BRUNSWICK, N.J. (AP) — Legislation authorizing $300 million annually in ratepayer-financed assistance to rescue New Jersey's nuclear energy industry has been signed into law.

Democratic Gov. Phil Murphy also signed a measure Wednesday aimed at strengthening New Jersey's renewable energy goals.

The legislation stems from a Public Service Enterprise Group request for financial help 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 nuclear measure is estimated to cost the public around $41 a year on their utility bills. The cost of the renewable energy legislation is unclear.

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

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