PSEG head acknowledges nuclear plants in Pennsylvania could benefit from subsidies awarded to his company
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Tom Johnson reports for NJ Spotlight
Tom Johnson reports for NJ Spotlight
If and when Gov. Phil Murphy signs a controversial bill to subsidize nuclear power, out-of-state plants could be among the beneficiaries.
At least that is the view of Ralph Izzo, chairman, CEO, and president of Public Service Enterprise Group, the giant energy company that lobbied and pushed the subsidy bill through the New Jersey Legislature.
In a quarterly earnings call with analysts Monday, Izzo acknowledged out-of-state nuclear units would be eligible to receive the subsidies, a point critics of the bill occasionally made during the months-long debate on the legislation. They were largely ignored.
“The bill simply says that New Jersey wants 40 percent of its power supply by nuclear energy and it does not limit it geographically,’’ Izzo said, responding to a question from an analyst.
Among the nuclear units Izzo mentioned as potentially qualifying for the subsidies would be Peach Bottom in Pennsylvania, a unit half-owned by PSEG, as well as other nuclear plants in the state, Limerick and Susquehanna.
If so, it would mean not only would New Jersey ratepayers be paying for electricity that they subsidize in the state that is exported out-of-state, but also to companies located in other states.
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