NEW YORK (1010 WINS) — New Jersey is initiating a process to develop new nuclear power plants to meet rising demand for electricity.
Governor Mikie Sherrill signed legislation Monday to set up a competitive process to evaluate proposed projects, but also contains safeguards to protect ratepayers from potential cost overruns, according to a statement.
The initiative demonstrates the rising interest in nuclear energy as demand for power climbs across the nation. However, it also reflects concerns about the industry’s history of cost overruns and delays. The last major US nuclear project involved two reactors in Georgia that was seven years behind schedule and cost more than $35 billion, more than double the original projection.
“The decisions we make today will determine the future we leave our kids,” Sherrill said in the statement.
While there’s strong interest in tapping fission to meet the increased need for electricity across the country, there’s little chance of any new reactors going into service anytime soon. It can take years to get all the needed permits and build a new nuclear plant, and only three have been completed in the US this century.
New Jersey gets more than 40% of its power from nuclear plants, but until April the state had rules in place that effectively prohibited construction of new reactors. Sherrill campaigned on addressing rising energy prices, and on her first day in office in January signed executive orders to set up a task force to evaluate developing nuclear projects.
The legislation signed Monday includes provisions that shield ratepayers from cost overruns and delay any cost pass-alongs until a project is built and delivering electricity.
