- New Jersey Gov. Murphy plans to sign legislation to rescue three struggling nuclear power plants run by Exelon (NYSE:EXC) and Public Service Enterprise Group (NYSE:PEG), a move expected to cost ~$300M/year, Bloomberg reports.
- Murphy will sign the nuclear bill along with legislation calling for half the state’s energy to come from renewable energy by 2030, according to the report.
- The decision comes after New York and Illinois already have thrown lifelines to reactors, which are struggling to turn profits as cheap natural gas and renewable energy have depressed power prices.