New Jersey would fund dependable, low-emission power through electricity charges

The Board of Public Utilities would select eligible power projects and negotiate agreements with their developers. Eligible New Jersey plants would produce zero or near-zero greenhouse gas emissions, have secure fuel supplies, and run continuously when needed. PJM, the regional grid operator, would need to recognize their capacity and reliability value. Nuclear projects could qualify. Initial selection would require likely improvements in reliable power supply, significantly more electricity generated in New Jersey, and a positive long-term effect on electricity customers. Initial selection would not guarantee approval. It would expire after 12 months without an agreement unless both sides extend negotiations. Developers would repay reasonable state review costs and engage with communities throughout operations. Nuclear facilities would need reasonable efforts to protect surrounding wildlife. Construction would require an agreement with labor unions covering the work and the wage rates required by state law. Materials would use U.S. supply chains wherever feasible. If enacted, the law would take effect immediately. The board would seek proposals within 180 days. Developers would have 60 days to respond, and the board would decide initial eligibility within 90 days of receiving a complete proposal.

The Board of Public Utilities would require all electric utility customers to pay a charge funding approved projects. The charge would cover all electric utility customers. Money collected would support construction of one or more projects approved under the program. The board would set the charge to cover funding agreed upon with each approved developer. Customers could not opt out. Payments would follow agreed construction milestones. Developers would document actual spending and construction progress, and the board would need to find that costs were prudently incurred. Advanced nuclear reactor projects could receive payments only after obtaining an applicable federal construction permit, combined construction and operating license, or authorization for limited work. The fund could also receive money set aside by the Legislature and investment earnings. Utilities would start charging within 180 days of project approval unless the board sets another date. Collection for a project would stop immediately after all payments are made or the board ends an advanced nuclear reactor project's approval.