Trenton, NJ--New Jersey Board of Public Utilities (BPU) caved to PSE&G graft and greed, profit and pressure with a needless max $300 million hand out in an expected, but nevertheless devastating and disappointing decision today.
Clean Water Action’s State Director Amy Goldsmith condemned the decision: “PSE&G is used to getting what they want, and today is no different. We need to government to stand up to bullies not cater to them. Today’s decision is a huge loss for ratepayers, our environment, and regulatory oversight.”
BPU rejected the position of the only 2 independent experts with access to the case, BPU’s Ratepayer Advocate and PJM’s Independent Market Monitor. PSE&G’s faulty application gets an F in every category. It:
- Flagrantly overestimates costs and at the same time substantially over calculates income risk;
- Fails to prove a financial need for subsidies;
- Unfairly burdens ratepayers with all the financial risks but none of the benefits;
- Falsely assumes 100% of the lost nuclear power generation will be replaced by fracked gas plants; and
- Finagles the rules in their own favor.
Today’s $3 billion decision is the first of a package of electric and frack gas cases totaling $14 billion before BPU that will determine whether BPU is committed to protecting public ratepayers over corporate shareholders, growing the economy, ensuring environmental justice, and combating the climate crisis. When coupled with the recently announced delay in the Energy Master Plan revisions, it makes the need for a moratorium on frack gas infrastructure more important than ever.
“The facts were clear in this case. PSE&G did not meet the financial burden required to be eligible for funding under the law, and sought to intimidate the ratepayers with threats of blackouts. Unfortunately, the BPU rewarded PSE&G’s bullying. Now, Governor Murphy’s promise to transition to a 100% clean renewable energy economy hangs in the balance,” added Eric Benson, Clean Water Action’s NJ Campaign Director.
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Clean Water Action has more than 150,000 members statewide in New Jersey and is the nation's largest grassroots group focused on water, energy and environmental health. Since our founding during the campaign to pass the landmark Clean Water Act in 1972, Clean Water Action has worked to win strong health and environmental protections by bringing issue expertise, solution-oriented thinking and people power to the table. We will protect clean water in the face of attacks from a polluter friendly Administration and Congress. www.cleanwater.org/nj