The bill amends the definition of Class I renewable energy under the Energy Discount and Energy Competition Act to include nuclear fission as a clean energy source. This expansion recognizes nuclear fission alongside traditional renewable sources such as solar and wind energy. Additionally, the bill introduces a Corporation Business Tax (CBT) credit aimed at incentivizing the production of clean baseload energy, defined as electric energy that can be generated continuously without greenhouse gas emissions, including from nuclear fission. The tax credit is set at $1,000 for each gigawatt hour of clean baseload energy produced, contingent upon certification from the Board of Public Utilities.

Furthermore, the bill enhances the regulatory framework governing the interstate transmission of electricity, natural gas, and oil by introducing new definitions and clarifying the roles of various entities in the energy sector. It establishes standards for energy services, environmental compliance, and outlines provisions for renewable energy initiatives, including a greenhouse gas emissions portfolio standard and definitions for offshore wind projects. Overall, the bill aims to support existing nuclear power stations, encourage the development of new nuclear generation assets, and promote a sustainable energy future for New Jersey.

Statutes affected:
Introduced: 48:3-51