NO SURPRISE: PSEG CLEARS PJM AUCTION, WAS NEVER POISED TO CLOSE PLANTS

Trenton, NJ – Matt Fossen, spokesperson for the NJ Coalition for Fair Energy, released the following statement today after it was revealed that two New Jersey nuclear plants owned by PSEG cleared the most recent capacity auction held by regional grid operator PJM:

“The fact that PSEG’s plants cleared the auction isn’t surprising, yet it’s disappointing that Governor Murphy didn’t wait to see the results before signing a massive bailout. The bottom line is that PSEG will now get hundreds of millions of dollars through PJM in addition to the billion plus ratepayer dollars it’ll enjoy with its bailout. There was never any indication that PSEG’s plants were going to close, and while the auction proved as much, Trenton decided to take the bait, act prematurely, and give PSEG money it never needed. This is both wrong in principle and unsustainable in practice. It’s also a shame New Jersey ratepayers will feel the aftermath via higher electricity bills, and even worse that their Governor – who has branded himself a champion for the middle class – happily signed off on such blatant corporate welfare.”

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