PSEG seeks 20-year license renewals for three New Jersey nuclear plants
In a recently submitted letter of intent, PSEG Nuclear, LLC notified the Nuclear Regulatory Commission (NRC) that it intends to pursue subsequent license renewal for three nuclear plants in southern New Jersey: Salem Generating Station Units 1 and 2, and Hope Creek Generating Station.
Together, the three sites produce nearly half of the state’s electricity and account for 85 percent of its carbon-free generation. These renewals would ensure their service for another 20 years, all stemming from a single site on the Artificial Island in Salem County. While the extension application isn’t likely to be filed until the second quarter of 2027, this letter put the NRC on notice that PSEG intends to continue operation of more than 3,400 MW of nuclear energy in New Jersey.
“For more than five decades, the nuclear generating stations in South Jersey have safely generated reliable, always-on carbon-free energy”, said Charles (Chaz) McFeaters, president and chief nuclear officer of PSEG Nuclear. “Seeking to renew our licenses signifies our commitment to continuing to contribute to New Jersey’s clean energy future and serving as a vital economic engine for the local community. “I’d like to recognize Congressman Bill Pascrell, the author of the federal nuclear production tax credit legislation in Congress, without which we would not be considering these investments in the site.”
After all that time, extensions would push Salem Units 1 and 2 operational capabilities through to 2056 and 2060, respectively. Hope Creek would be extended from its current 2046 expiration to 2066. This would also keep more than 1,600 regular workers employed at the stations.
Factoring into PSEG’s plans was the nuclear Production Tax Credit (PTC), which began this year. It was created by the federal Inflation Reduction Act (IRA) to give nuclear generators financial backing through 2023 – nine years in all. PSEG said this gave the company pricing visibility and encouraged it to retain and grow its nuclear fleet through capital investments.
More than $100 million in nuclear capital investment projects have already been approved for these sites, including plant upgrades and transitioning to a two-year operating cycle at the Hope Creek Generating Station.
“In today’s dynamic energy landscape, clean nuclear power remains a cornerstone of reliability and sustainability nationwide,” Maria Korsnick, president and CEO of Nuclear Energy Institute, said. “As we navigate the complexities of climate change and energy independence, nuclear energy’s significant contribution to clean, always-on power is paramount. PSEG’s commitment to license renewal underscores the pivotal role nuclear plays in shaping our clean energy future.”
Eventually, the power capacity for these sites may grow as well. PSEG is currently developing plans for power uprates for both Salem units and to upgrade and optimize its fleet’s generator trains to churn out more megawatts of energy per year.
