The procurement process to add at least 1,100 megawatts of new nuclear energy in the state of New Jersey has begun after Gov. Mikie Sherrill (D) signed a bill Monday.
The bill, Power NJ Act, creates a competitive bid process by state agencies to analyze proposals to ensure ratepayers get the best value, Sherrill said in a press release. New Jersey’s Board of Public Utilities and the state Economic Development Authority will lead the process.
The bill also includes safeguards to better protect ratepayers in the event of a cost overrun.
According to the release, the safeguards include requiring projects to receive federal funding, and carry out public comment periods and hearings in any of the proposed nuclear plant locations.
“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.
“I am excited to launch our state’s process to procure new, advanced nuclear power that will provide clean, reliable energy at scale for generations to come and meet our growing energy demands – from powering our small businesses, schools, and hospitals, to strengthening grid capacity and reliability for extreme weather that is becoming unfortunately all too frequent,” Sherrill finished.
Sherrill has taken an interest in nuclear power during her first year in office. In January, she signed an executive order to create a nuclear energy task force to evaluate development of new nuclear generation. Later in April, Sherrill signed legislation to lift New Jersey’s 40-year plus nuclear moratorium, enabling new plant construction.
Although New Jersey has not built a reactor in decades, Hope Creek Generating Station began operating in 1986, the state receives over 40 percent of its electric generation from nuclear power, according to the release.