For Immediate Release: March 12, 2018
DESPITE PSEG SCARE TACTICS, PLANTS MUST OPERATE THROUGH AT LEAST 2021
COALITION CONTINUES TO OPPOSE MULTI-BILLION DOLLAR BAILOUT PROPOSAL, REMINDS PUBLIC THAT PSEG 'IMMINENT CLOSURE' THREATS ARE UNFOUNDED
Trenton, NJ - Amid ongoing debate over a bailout bill for two New Jersey nuclear plants owned by PSEG, as well as the company’s recent decision to withhold certain capital investments from one, the NJ Coalition for Fair Energy today pointed out that the plants’ service obligations to regional grid operator PJM will require them to remain operational to run through May 31, 2021.
“Even though weeks and months have passed since PSEG started demanding a subsidy to keep running their New Jersey nuclear plants, the truth remains the same,” said coalition spokesperson Matt Fossen. “The bottom line is that PSEG has obligated both plants to operate through at least 2021. Let’s be clear - there is no imminent threat of closure, and PSEG’s latest capital withholding stunt is nothing more than a scare tactic to bully and deceive lawmakers.”
In addition, PSEG recently declined to drop the plants from the next regional grid service auction - thereby suggesting they intend to keep the facilities running. If PSEG’s New Jersey nuclear plants clear the reliability auction, it will extend their obligation to run through 2022.
“With PSEG taking no action to remove themselves from the PJM auction process, the smart move for New Jersey Legislators is to wait until after the next reliability auction results are announced to see the definitive facts on their financial standing,” said Fossen. “If the plants do not clear it means they are not needed for reliability and can retire. If they clear, they are necessary for reliability and obligated to run, regardless of whether they have a state subsidy or not.”