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 New York Sells Out To Nuclear Plants - Stockholders Win 
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Location: Illinois
(Bloomberg) -- New Jersey Governor Phil Murphy signed a bill requiring utility customers to spend more than $300 million a year to rescue struggling nuclear power plants run by Exelon Corp. and Public Service Enterprise Group Inc.

The legislation signed Wednesday aims to keep nuclear plants operating in the state, after owners warned the facilities were no longer economic amid lower power prices. Murphy, a Democrat who took office in January, also signed a bill calling for half the state’s energy to come from renewable power by 2030.

The legislation, approved by the state’s Democratic legislature in April, comes as New York and Illinois have already thrown lifelines to reactors, which are struggling to turn profits as cheap natural gas and renewable energy have depressed power prices. More than a quarter of U.S. nuclear power plants don’t make enough money to cover their operating costs, according to Bloomberg New Energy Finance. Supporters say keeping the reactors running saves jobs and helps states achieve clean-energy goals.

New Jersey is home to three nuclear plants, owned by PSEG and Exelon. PSEG rose 1.2 percent to $51.12 at 12:23 p.m. Wednesday in New York. Exelon rose 0.1 percent to $39.91.


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Wed May 23, 2018 1:21 pm
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