New Jersey Nuclear Subsidy is an Unnecessary Corporate Handout
January 04, 2018
NRG Energy has been proud to call New Jersey home since 2004. We built a brand-new headquarters building in Princeton in 2016, and have always considered The Garden State to be a good place for our business and as home to hundreds of our employees. Unfortunately, the New Jersey Senate and General Assembly are currently considering a corporate handout that is bad policy -- bad for New Jersey citizens, bad for the New Jersey economy, and bad for our business climate.
The nuclear subsidy bills (S3560 & A5330) currently before the Legislature create only one winner – nuclear plant owners – and many losers, including millions of business and residential electricity customers. By giving a blatant handout to PSE&G and Exelon to prop up three of their aging nuclear facilities, this legislation amounts to a $300 - $400 million energy tax on millions of electricity customers across New Jersey every year. It will increase the cost of electricity and take hard-earned taxpayer dollars out of the pockets of average citizens -- only to put it in the coffers of two multi-billion dollar corporations. And it won’t create a single job or additional investment in New Jersey along the way.
This legislation is also unnecessary. PSE&G and Exelon have already revealed that these nuclear plants are profitable today. There’s no emergency, and nothing needs to be done right now.
The State of Connecticut just went through a similar situation. Their legislature defeated a similar nuclear subsidy in 2016 and 2017, and instead decided to responsibly study the issue. With one simple study, Connecticut learned that the facts just didn’t support what the nuclear plant owner had told the State’s legislature – as well as the press, the local chambers of commerce, and even their own employees. The subsidy was completely unnecessary.
At the very least, our Legislature should take the time to conduct an independent study on the profitability of these nuclear plants.
We have an opportunity to send an unequivocal message to our Legislature by asking them to say “no” to the corporate subsidy buried in S3560 and A5330. It’s unnecessary, it’s expensive for millions of hard-working New Jersey citizens, and it’s bad for our economy.
Mauricio Gutierrez is President and Chief Executive Officer of NRG Energy – the country’s leading competitive integrated power company with its corporate headquarters in Princeton.
Mauricio Gutierrez is President and CEO of NRG. Mauricio joined NRG in 2004 and helped build it from a regional wholesale generation business to a national, Fortune 500 diversified energy company. NRG...Read their full bio