New Jersey lawmakers should reject nuclear bailouts, protect consumers

TRENTON, N.J., April 5, 2018 /PRNewswire-USNewswire/ -- The New Jersey Petroleum Council called on members of the New Jersey legislature to reject legislation that would provide consumer-funded bailouts for PSEG's already profitable nuclear plants.

"New Jersey legislators have a choice ? to force consumers to boost corporate profits or protect consumers from the potential of higher electricity costs," said Executive Director James Benton. "Bailing out profitable nuclear plants in New Jersey sets a bad precedent moving forward and forcing consumers to guarantee an 18 percent return for PSEG's Wall Street shareholders is irresponsible.

"Clean natural gas provides New Jersey consumers with affordable, reliable electricity and supports almost 80 thousand jobs in the state. Voters across the state overwhelmingly reject efforts to subsidize nuclear plants and legislators should work to protect consumers and retain the benefits that clean, affordable natural gas has brought to New Jersey."

The New Jersey Petroleum Council is a division of API, which represents all segments of America's oil and natural gas industry. Its more than 625 members produce, process, and distribute most of the nation's energy. The industry supports 9.8 million U.S. jobs and is backed by a growing grassroots movement of more than 40 million Americans.

SOURCE American Petroleum Institute