PSEG’s Rushed, Multi-billion Customer-Funded Bailout Benefits No One but PSEG

A bill aimed at subsidizing Public Service Enterprise Group’s (PSEG) two aging nuclear power plants was passed out of New Jersey’s Senate Environment and Energy Committee and Assembly Telecommunications and Utilities Committee today. If enacted, this customer-funded bailout would require all New Jersey electric customers to pay $300 million for an unlimited number of years to keep the aging plants in operation, adding an extra $40 a year to each customer’s electric bill. PSEG, PSE&G’s parent company, has not provided any documentation or analysis to show these facilities are in need of financial assistance.

“This is blatant financial opportunism: PSEG’s multi-billion dollar customer-funded bailout is being rammed through the lame duck session, with no benefits for New Jersey customers. New Jerseyans are being required to subsidize the utility giant’s aging, expensive nuclear plants, even though PSEG admits the plants are still profitable.”

• Mary Barber, Director, New Jersey Clean Energy