5.8.18: Statement on PSEG Suggesting Plant Closure Even Upon Receiving Bailout

For Immediate Release: May 8, 2018



Trenton, NJ - Matt Fossen, spokesperson for the NJ Coalition for Fair Energy, released the following statement today after PSEG revealed that it won’t guarantee it will keep its New Jersey nuclear plants open even if they receive a multi-billion dollar bailout:

“The fact that PSEG would now - after getting approval in the legislature - clarify that it might shutter its nuclear plants even after receiving a bailout is an insult to each and every New Jersey ratepayer. Throughout this process, we’ve heard PSEG say incessantly that this proposal is necessary to keep its plants afloat. Yet now we find out - in a presentation to shareholders - that the company could still close the plants after collecting an annual $320 million check. This proves once and for all that PSEG sees New Jersey residents as nothing more than a potential cash cow. It's not only wrong, it's a gross misuse of the political process.”

PSEG’s stance, articulated in a footnote on page six of the company’s 2018 Q1 earnings call presentation, is that “There is no assurance that any PSEG Power facility will satisfy the eligibility requirements for ZEC payments or, if satisfied, whether such ZEC payments will provide a sufficient safety net for continued operations.”  The emergence of this detail coincides with news that the proposal in question would fund facilities in Pennsylvania - a fact PSEG acknowledged during the same earnings call.