PSEG Nuclear LLC, the company that owns New Jersey’s three nuclear power plants, has announced its intention to seek federal approval to operate the plants for another 20 years. This decision comes as New Jersey is increasing its efforts to become a leader in offshore wind energy. The three power plants currently provide almost half of New Jersey’s electricity, making a licensing extension a crucial strategy to ensure the state’s energy needs are met in the future. If approved, the extension would allow the plants to continue operating beyond 2050, providing reliable and carbon-free energy to the state.
PSEG Nuclear LLC has informed the U.S. Nuclear Regulatory Commission of its plans to seek renewed licenses for the Salem Generating Station Units 1 and 2, as well as the Hope Creek Generating Station. These plants are all located on Artificial Island in Lower Alloways Creek Township, Salem County. The company intends to file for the extension in the second quarter of 2027, but the early notification was necessary to allow ample time for the review process. If granted, the licenses for the Salem Units 1 and 2 would be extended to 2056 and 2060 respectively, while the Hope Creek station would see an extension to 2066. This move is seen as a commitment to contributing to New Jersey’s clean energy future and supporting the local community.
In addition to seeking license extensions, PSEG Nuclear LLC is set to benefit from a nuclear production tax credit included in the federal Inflation Reduction Act. This credit will provide financial support to nuclear generators for nine years, extending through 2032. The company also received a $300 million customer-funded subsidy from New Jersey officials in 2019, despite the state’s utilities board determining that the nuclear industry was already viable and did not require a subsidy. These incentives are aimed at promoting clean energy sources and reducing the reliance on fossil fuels, which contribute to climate change.
The decision by PSEG Nuclear LLC to extend the operating licenses of its nuclear power plants has garnered bipartisan support from New Jersey lawmakers. State Sen. John Burzichelli, a Democrat, praised nuclear power as a clean resource that provides reliability and diversity to the state’s energy supply. Similarly, Sen. Michael Testa, a Republican, highlighted the consistent, reliable, and affordable power delivery from South Jersey’s nuclear plants, emphasizing their importance in meeting the state’s energy needs. The support from lawmakers underscores the significance of nuclear power in New Jersey’s energy mix and the role it plays in advancing clean energy goals.
As New Jersey continues to pursue a clean energy future, the decision by PSEG Nuclear LLC to seek license extensions for its nuclear power plants aligns with the state’s efforts to reduce carbon emissions and combat climate change. By extending the licenses of the Salem and Hope Creek Generating Stations, the company is ensuring a stable and reliable source of carbon-free energy for the state beyond 2050. This move reflects a long-standing commitment to clean energy and economic sustainability, positioning New Jersey as a leader in the transition to a more sustainable energy landscape.
PSEG Nuclear LLC, a subsidiary of Public Service Enterprise Group based in Newark, New Jersey, is dedicated to providing safe, reliable, and carbon-free energy to New Jersey residents. The company’s decision to seek license extensions for its nuclear power plants demonstrates its ongoing commitment to supporting clean energy initiatives and contributing to a sustainable future for the state. With bipartisan support from lawmakers and financial incentives in place, PSEG Nuclear LLC is well-positioned to continue delivering reliable power while advancing New Jersey’s clean energy goals for the benefit of both the environment and the local community.
