From the Office of the Governor
TRENTON – Governor Sherrill today signed the Power NJ Act launching the state’s procurement process for new nuclear energy that will help New Jersey meet its growing energy needs. The bill will establish a transparent, competitive process by the NJBPU and NJEDA to evaluate proposals and ensure any project is the best investment for New Jersey ratepayers. The bill passed both houses of the Legislature unanimously with strong bipartisan support. A summary of the bill is below.
“The decisions we make today will determine the future we leave our kids, so we are putting New Jersey on a path to an affordable and secure energy future,” said Governor Mikie Sherrill. “I am excited to launch our state’s process to procure new, advanced nuclear power that will provide clean, reliable energy at scale for generations to come and meet our growing energy demands – from powering our small businesses, schools, and hospitals, to strengthening grid capacity and reliability for extreme weather that is becoming unfortunately all too frequent.”
Additionally, the bill sets strong safeguards for ratepayers – including assuring that they won’t bear any costs until a project is built and supplying energy, nor be responsible for cost overruns.
Other safeguards include:
- Requiring projects to secure federal financing, shifting the risk away from New Jersey ratepayers;
- Requiring any project provide a net benefit to ratepayers;
- Requiring at least two separate public comment periods and a public hearing in any proposed municipality;
- Requiring NJBPU and NJEDA to take into account independent assessments by the Division of Rate Counsel to ensure ratepayers’ interests remain central at every step.
Nuclear energy currently provides over 40 percent of the state’s total energy and represents over 80 percent of the state’s clean energy supply. Nuclear energy plants also provide unparalleled efficiency, with sites operating consistently at 90-95 percent capacity.
Read the full text here
