$300 Million Nuclear Subsidy Bill Approved by N.J. LawmakersLast Edited:
New Jersey lawmakers have approved a bill that would rescue the state's nuclear power industry while setting new renewable energy requirements.
After a nearly four-hour hearing on Thursday, February 22nd, a joint Assembly, and Senate committee approved to pass a $300 million rate-payer financed rescue bill for the nuclear power company, Public Service Enterprise Group (PSEG).
The bill also requires 35-percent of the state's electricity supply to come from renewable sources by 2035, which is a big jump from the current three-percent.
The need for a rescue bill came after PSEG said they were facing financial hardship and were at risk of closing their two nuclear power plants in as early as two years.
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