New Jersey clears way for new nuclear power projects

⚡ Gov. Mikie Sherrill signed the Power NJ Act after lawmakers approved it unanimously.

➡️ Developers must secure federal financing and state approval before any project begins.

🔴 Nuclear power already provides about 40% of NJ's electricity, out of Salem County.

TRENTON – New Jersey has cleared the way for new nuclear power development with legislation signed Monday by Gov. Mikie Sherrill, following its rare, unanimous passage by state lawmakers.

Ratepayers will not pay anything until a new project is built, most likely not until a number of years to come, according to the governor during the signing ceremony.

As of July, New Jersey has two existing, operating nuclear power plants.

Nuclear power already supplies about 40% of New Jersey's electricity

Salem and Hope Creek facilities are both in Salem County and together generate about 40% of the state’s electricity.

The state previously also had its first and oldest nuclear plant, Oyster Creek in Ocean County, from 1969 until it closed in 2018.

Hope Creek was first issued an operating license in 1986, while Salem Nuclear Generating Station, Unit 2 was first brought online in 1981.

Now, New Jersey is pre-approved for a third site also in Salem County, as one of six pre-approved new sites nationwide.

As of July, there are 56 active nuclear power facilities across the country, according to Cleanview's project tracker.

Monday’s signing follows action by Sherrill in April, when she lifted New Jersey's 50-year moratorium on new nuclear development.

New Jersey has the ninth-highest residential electric rates in the nation, state Republicans have pointed out.

Since her first day in office, Sherrill has been signing executive orders and legislation to chip away at surging utility bills.

Last week, she signed a trio of energy-focused laws, including one that requires utility companies to secure approval before pursuing new supplemental transmission projects to upgrade wires, poles, and substations.

New rules require developers to prove projects benefit New Jersey

Under the legislation, any project that developers want to build in New Jersey must first secure federal financing, and pass a rigorous review by the Board of Public Utilities and NJ Economic Development Authority and prove its benefits before breaking ground.

"The decisions we make today will determine the future we leave our kids, so we are putting New Jersey on a path to an affordable and secure energy future," Sherrill said in signing the Power NJ Act.

She added it creates a "competitive process to build new nuclear projects that can power hundreds of thousands of homes.”