PSEG Nuclear LLC, the company that owns New Jersey’s three nuclear power plants, announced its intent to seek federal approval to operate the plants for another 20 years. The move is seen as a potential hedge against not having enough wind energy projects available to meet the state’s electricity needs, as New Jersey aims to become a leader in offshore wind energy. The three power plants currently provide nearly half of the state’s electricity, and an extension would allow them to operate beyond 2050. The company plans to file the extension request in the second quarter of 2027, but notified the U.S. Nuclear Regulatory Commission in advance to allow for preparation.
The three power plants owned by PSEG Nuclear LLC are located on Artificial Island in Lower Alloways Creek Township, Salem County. The company plans to seek renewed licenses for the Salem Generating Station Units 1 and 2, as well as the Hope Creek Generating Station. If approved by the NRC, the licenses for Salem Units 1 and 2 would be extended to 2056 and 2060 respectively, and Hope Creek station would be extended to 2066. The company’s president and chief nuclear officer, Charles McFeaters, emphasized the plants’ contribution to providing reliable, carbon-free energy for over five decades and their commitment to New Jersey’s clean energy future and local economic growth.
The federal Inflation Reduction Act included a nuclear production tax credit this year, providing nine years of financial support for nuclear generators until 2032. Additionally, New Jersey officials approved a $300 million customer-funded subsidy for the state’s nuclear industry in 2019, despite the industry being deemed “viable” by the utilities board and not in need of a subsidy. These incentives are aimed at supporting clean energy sources as alternatives to fossil fuels that contribute to climate change. The bipartisan support for PSEG Nuclear’s move to extend its operating licenses was emphasized by New Jersey lawmakers, who praised nuclear power as a clean, reliable, and diverse energy resource for the state.
PSEG Nuclear is a subsidiary of Public Service Enterprise Group, a Newark-based company. The company’s decision to seek renewed licenses for the New Jersey nuclear power plants highlights the ongoing debate around the role of nuclear energy in the state’s clean energy future. While New Jersey is making significant investments in offshore wind energy to reduce reliance on fossil fuels, the nuclear power plants remain a crucial source of electricity supply. The potential extension of operating licenses for the three plants underscores the importance of a diverse energy mix in meeting the state’s energy needs and addressing climate change concerns.
The announcement by PSEG Nuclear LLC to seek renewed licenses for its New Jersey nuclear power plants aligns with the state’s efforts to transition to cleaner energy sources. The move also reflects the company’s commitment to providing reliable, carbon-free energy and supporting the local community through economic growth. The bipartisan support from New Jersey lawmakers underscores the recognition of nuclear power as a valuable resource that contributes to the state’s energy reliability and sustainability goals. With ongoing investments in clean energy technologies, including offshore wind, New Jersey is taking steps towards a greener and more resilient energy future.
