PSEG says utility’s $2b tax cut won’t offset need for nuclear subsidies

Salem nuclear power plant, new jersey

TOM JOHNSON / NJ SPOTLIGHT – The Trump tax cuts may allow Public Service Electric & Gas to reduce customers’ gas and electric bills, but they will be not rich enough to stop its parent from seeking subsidies once again for its nuclear power plants.

In a call with reporters, Dan Cregg, chief financial officer for the Public Service Enterprise Group, outlined generally how a steep cut in its federal tax rate should benefit utility customers but not erase financial troubles facing its three nuclear units in South Jersey.

PSE&G is expected to have roughly $2 billion in excess deferred taxes, a benefit that will be passed on to the utility’s customers in ongoing and future rate cases …

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