Sherrill Nuclear Power Promotion Bill Up Tomorrow In Trenton
Sherrill's Revocation Of Nuclear Moratorium Has Opened Pandora's box
Cry 'Havoc!', and let slip the dogs of war. ~~~ Shakespeare
Like the US Supreme Court’s Citizens United decision unleashed corporate money to buy the political system, NJ Gov. Sherrill’s revocation of NJ’s moratorium on nuclear power plants has opened the floodgates for nuclear lobbyists to swamp and capture Trenton, see:
They’ve been busy.
After Gov. Sherrill’s revocation of NJ’s 50 year moratorium on nuclear power, legislation to implement Gov. Sherrill’s pro nuclear policy is up tomorrow in Trenton.
The bill “Power NJ Act” (A4881) is a nuclear lobbyists’ wet dream and parrots nuclear industry talking points:
b. The Legislature therefore determines that it is in the public interest of all residents of New Jersey to actively promote and support the siting and construction of advanced nuclear reactors in the State as a source of carbon-free, reliable, and affordable electric power, and as a driver of sustained economic development, high- quality job creation, supply chain growth, and long-term fiscal strength for the State and its municipalities.
The bill directs the BPU to abandon its independent public utility - public interest regulatory tradition and actively promote and procure private nuclear power:
The board shall establish a program, in accordance with the provisions of this act, to promote the construction of advanced nuclear energy projects in the State.
b. No later than 180 days after the effective date of this act, the board, in consultation with the authority, shall issue a request for expressions of interest for the construction of advanced nuclear energy projects in the State.
The bill recklessly embraces, defers to, and adopts the Trump administration’s rollback of federal NRC regulatory safety standards, Trump’s gutting of the environmental impact review process, and Trump attacks on the independence of the NRC:
(2) a proposed licensing pathway under the Nuclear Regulatory Commission, including identification of any applicable Early Site Permit, design certification, or other prior Nuclear Regulatory Commission determinations on which the project intends to rely; […]
(4) a Regulatory Engagement Plan, prepared consistently with Nuclear Regulatory Commission guidance
(5) geotechnical, hydrological, and environmental analyses of the proposed site sufficient to support the regulatory requirements of 10 C.F.R. Part 51, or a copy of any Early Site Permit issued pursuant to 10 C.F.R. s.52.12 et seq.;
On the economic issues, the bill openly anticipates federal public taxpayer and State subsidies.
(8) the proposed capital structure and financing plan, identifying committed or prospective investors or lenders, and any proposed or anticipated sources of construction-phase funding, including evidence that the project is pursuing and has a reasonable expectation of receiving debt financing from the United States Department of Energy or Department of Commerce covering all or a portion of construction costs, provided that this requirement shall apply only to the extent such federal financing is reasonably available at the time of submission;
The bill anticipates putting NJ ratepayers on the hook for multiple billion dollar cost over runs and project delays:
11) any proposed direct power purchase agreements, co-located end-use agreements, or other energy offtake agreements, together with a description of anticipated ratepayer benefits and any commitment by such parties [i..e ratepayers, my note] to share in the capital costs and any potential cost overruns, and the role that such agreements play in financing the project; […]
13) a projection of the anticipated monthly bill impact on ratepayers resulting from the proposed RCC price structure and schedule;
(14) a proposal for returning to New Jersey ratepayers some or all revenues earned by the qualified project from the sale of energy, capacity, or ancillary services in PJM during the RCC term, together with revenue projections and a contingency plan in the event the qualified project is unable to participate in the above- listed wholesale markets at PJM;
The bill also anticipates local taxpayer subsidies:
(a) a fiscal impact analysis detailing projected direct, indirect, and induced State and local tax revenues, as well as any anticipated Payment in Lieu of Taxes (PILOT) agreements with the host municipality or municipalities;
The bill understands that the nuclear power plant will not be economically feasible without public subsidies in terms of attracting private investment and providing an adequate corporate profit (rate of return):
(b) a demonstration of a project financing gap, including an analysis of the projected internal rate of return with and without the proposed State support, and any identified federal support including tax incentives, to justify the financial necessity of the RCC price structure proposed pursuant to paragraph (12) of this subsection;
And just like the notoriously failed Hazardous Waste Facility Siting Commission, the bill relies on and assumes that local communities can be bribed with financial payments under “host community benefit” agreements:
(g) a proposed Community Benefits Agreement, or a detailed framework for negotiating such an agreement with the host municipality and local stakeholders;
The bill is explicitly linked to stoking the explosion of data centers:
(h) an assessment of the project’s macroeconomic impact, specifically detailing its capacity to attract, support, or retain large-scale commercial and industrial ratepayer load, including, but not limited to, advanced manufacturing facilities and data centers
The bill cynically describes the environmental impact review process as an “environmental benefits” analysis. And then it sets a totally biased and false baseline of comparison, by comparing nuclear power to fossil power, not to competing renewable energy sources, like solar, wind, and geothermal:
16) an environmental benefit analysis, including:
(a) a quantitative estimate of the total net greenhouse gas emissions avoided or displaced by the project’s construction and operation compared to existing and new fossil fuel-fired generation in the PJM region;
Finally, after all these gymnastics, subsidies, reckless environmental reviews, and bias, the bill tries to tip toe around and disguise a firm State commitment to nuclear power, by a sham concept of “provisional qualification status".
The required BPU findings are vague and lack any standards::
The board shall grant provisional qualification status upon a threshold finding that:
(1) a proposed advanced nuclear energy project is reasonably likely to significantly contribute to meeting the State’s energy reliability, resilience, and capacity needs, consistent with the State’s clean energy goals;
What the hell does that mean? “Reasonably likely” and “significantly contribute” are subjective terms that have no meaning, as are “reliability”, “resilience” and “capacity needs”.
Basically, the BPU can and will do anything Gov. Sherrill and the nuclear lobbyists tell them to do.
We must not let the corporate captured hacks in Trenton go down this nuclear road.
Wow. How depressing.