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, expanding the classification beyond traditional renewable sources like solar, wind, and geothermal. This recognition aims to support existing nuclear power stations in New Jersey and promote the development of new nuclear generation assets. Additionally, the bill introduces a Corporation Business Tax (CBT) credit of $1,000 for each gigawatt hour of clean baseload energy produced, which includes energy generated through nuclear fission. The tax credit is designed to incentivize investment in energy generation facilities that can operate continuously without emitting greenhouse gases.

Furthermore, the bill revises existing laws related to the regulation of interstate electricity, natural gas, and oil transmission, introducing new terms such as "financing entity" and "government aggregator." It clarifies definitions related to energy services and outlines responsibilities for renewable energy projects, emphasizing compliance with environmental standards and the role of the PJM Interconnection in managing the regional electricity grid. Overall, the legislation aims to enhance the regulatory framework for energy supply and distribution, promote renewable energy initiatives, and facilitate a transition to a more competitive energy market while ensuring consumer protection and environmental sustainability.

Statutes affected:
Introduced: 48:3-51