Rate Counsel says PSEG, Exelon failed to show need for $300m nuclear subsidies

Salem Nuclear Power Plant

TOM JOHNSON / NJ SPOTLIGHT – The state should deny $300 million in ratepayer subsidies to PSEG Nuclear and Exelon Generation as the two companies failed to prove their three nuclear power plants in South Jersey will close without the incentives, according to a filing by the New Jersey Rate Counsel.

Rate Counsel Stefanie Brand said the two companies, in making a case for nuclear subsidies, have overstated their costs and underestimated revenues. “When their assumptions are examined closely, their claims of financial hardship fall away,’’ Brand said in a redacted filing to the state Board of Public Utilities.

The filing is among the responses received by the board on applications submitted by the two companies seeking so-called zero-emission certificates in the form of ratepayer subsidies to keep the Salem I, Salem II and Hope Creek nuclear units from closing within the next three years …

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