API: Gov. Murphy should protect consumers, say NO to PSEG's bailout

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Apr 12, 2018, 05:53 ET

TRENTON, N.J., April 12, 2018 /PRNewswire-USNewswire/ -- The New Jersey Petroleum Council called on Gov. Murphy to veto legislation that will force consumers to provide a bailout to PSEG's profitable nuclear power plants across the state.

"Today New Jersey legislators turned their backs on consumers by approving a bailout for PSEG's already profitable nuclear plants," said Executive Director James Benton. "Forcing consumers to boost PSEG's Wall Street profits at the expense of Main Street consumers is irresponsible and sets a dangerous precedent moving forward for corporate welfare in the state.

"Further, this misguided legislation could force New Jersey ratepayers to provide bailouts to power plants in other states like Pennsylvania. Governor Murphy should follow the will of voters in the state who overwhelmingly reject efforts to subsidize PSEG's nuclear plants and protect consumers from the potential of higher electricity prices by vetoing this harmful legislation."

The New Jersey Petroleum Council is a division of API, which represents all segments of America's oil and natural gas industry. Its more than 625 members produce, process, and distribute most of the nation's energy. The industry supports 9.8 million U.S. jobs and is backed by a growing grassroots movement of more than 40 million Americans.

SOURCE American Petroleum Institute