TRENTON, N.J., Dec. 4, 2017 /PRNewswire-USNewswire/ -- The New Jersey Petroleum Council today at a joint committee hearing urged members of the New Jersey State Legislature to reject efforts in Trenton to pursue legislation that would provide unfair subsidies to nuclear plants in the state.
"New Jersey lawmakers have a choice to protect consumers from possible spikes in electricity prices or pursue efforts to provide subsidies to nuclear plants in order to boost corporate profits," said Executive Director Jim Benton. "Legislative efforts like this would distort the competitive electricity markets that have allowed natural gas to provide affordable and reliable power to homes and businesses across New Jersey. Further, rushing to consider major legislation, before the state Legislature adjourns for the year, sets a dangerous precedent. Moving forward, we hope lawmakers will reject these efforts that would force consumers to shoulder the additional cost burden for nuclear plants in the state."
Opposition to subsidies for nuclear plants across the state is widely bipartisan. According to a recent poll released by the New Jersey Petroleum Council, 69 percent of voters oppose the state legislature giving a financial subsidy to a nuclear power company that would be in addition to the revenue that company already receives from New Jersey customers. This opposition is bipartisan with 66 percent of Democrats, 75 percent of Republicans and 72 percent of Independents opposing such an initiative.
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 include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation's energy and are backed by a growing grassroots movement of more than 40 million Americans.
SOURCE American Petroleum Institute