But several commissioners said during the board’s virtual meeting Tuesday morning that officials and board members at PSEG told them they would close the nuclear plants for anything less than the full $300 million subsidy.
“Apparently the legislature’s call for data-based decision making, months of analysis by various consultants, and the preparation of voluminous reports by numerous parties were a meaningless exercise,” said Commissioner Bob Gordon. “Personally, I’m very disappointed by the level of intransigence in this exercise of market power.”
PSEG CEO Ralph Izzo previously said before the BPU and in an earnings call that the company would actually need more than the full amount allowed under the law to operate the plants. The cost of operating nuclear plants and complying with strict regulations, lower prices driven by an increase in natural gas production, and the lack of a nationwide greenhouse gas emissions policy has put PSEG’s nuclear energy sector on unsure financial footing, the company has argued.