TODAY: Statehouse Press Conference to Announce:

Ratepayer Nuclear Bailout (S877) to PSE&G Unwarranted: Undermines New Jersey’s Renewable Energy Goals

Trenton, NJ — Today at 1 PM, Clean Water Action will join a broad coalition of business, community, and environmental groups at a Statehouse press conference to speak out about the nuclear subsidy bill, S877 (Sweeney, D-Gloucester).

Despite being profitable enough to have bid into auction, PSEG could start receiving subsidies within a year of passage of S.877. The bill will essentially guarantee PSE&G $300,000 per year (at least $3 billion) through 2030 with an option to extend with virtually no strings attached and no independent determination of need. While several committee hearings were held and many hours of testimony given, secret talks and back room deals were the voices heard and seriously listened to.

“Despite many rewrites, S877 is still designed to prop up PSE&G profits for its stockholders with ratepayers bailing out the nuclear industry and putting a roadblock in front of Governor Murphy’s plan to achieve a 21st Century renewable energy future for New Jersey – 100% renewables by 2050,”said Amy Goldsmith, Clean Water Action State Director.

“Let’s be honest, stated Ms. Goldsmith, “PSE&G claims it is in financial trouble, when it has not proven that it is. It claims nuclear power is “renewable” when it isn’t.  Ultimately, this bill provides a subsidy to an old, dying industry for the sake of stockholder return rather than giving birth to a sustainable, more resilient energy future for New Jersey that will create more jobs and keep us moving forward. We shouldn’t be shoring up a Frankenstein and those that profit from it.”

PRESS RELEASE TO FOLLOW

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Since our founding during the campaign to pass the landmark Clean Water Act in 1972, Clean Water Action has worked to win strong health and environmental protections by bringing issue expertise, solution-oriented thinking and people power to the table. We will protect clean water in the face of attacks from a polluter friendly Administration and Congress. Clean Water Action has 150,000 members in NJ and nearly 1 million nationwide.  www.cleanwater.org/nj