Gov. Mikie Sherrill signed legislation Monday clearing a path for the state’s first new nuclear power plants in decades, following its unanimous passage in both chambers of the state legislature earlier this summer. 

“I’m signing the ‘Power New Jersey Act’ to launch the next generation of nuclear energy in our state,” Sherrill said. “This bill creates a competitive process to build new nuclear projects that can power hundreds of thousands of homes.”

The act sets in motion a process to launch advanced nuclear energy projects. The New Jersey Board of Public Utilities and the New Jersey Economic Development Authority will lead the vetting process for potential new bidders looking to build. 

Sherrill said policymakers studied past projects in other states that both flourished and failed. She hopes the measure will push New Jersey ahead as a leader of innovative energy during what she called the “nuclear renaissance.”  As energy demands rise across the state, the legislation focuses on zero-carbon energy sourcing and affordability.

“Any project that wants to come to the Garden State must secure federal financing, pass a rigorous review by our board of public utilities and economic development authority, and prove its benefits before breaking ground. Ratepayers won’t pay a dime until the project is built,” Sherrill said.

Joining Sherrill at the podium Monday morning were Sen. John Burzichelli of Paulsboro and Assembly Member Wayne DeAngelo of Hamilton. The two Democrats served as primary sponsors of the bill in their respective chambers. 

Burzichelli criticized PJM Interconnection, a regional organization that facilitates electricity distribution, for several issues the bill aims to combat, such as “accelerated electric bills” and “the mismanagement of the bid process involving unregulated generation.” While PJM does not directly generate electricity, it is responsible for managing electricity for over 67 million people in 13 states and the nation’s capital. 

DeAngelo, an electrician by trade, said that lawmakers considered several other pathways to mitigate rising energy costs before deciding on increasing generation. “We needed more supply, plain and simple,” he said. 

Now, DeAngelo is confident in adding to New Jersey’s existing nuclear energy sources – three PSEG nuclear reactors located in Salem County – with the new framework established by the Power NJ Act.

Sherrill said Monday that the Salem County site is “most shovel-ready.” The existing reactors there are all at least 40 years old.

“This is how we build the future for our kids here in the state,” said Sherill. “This is how we don’t kick the can down the road, and we make sure in 10 years we’re not still facing a power generation problem or an affordability crisis. We’re building out a future, where we can see over time expansion of power generation so costs go down.”