DOW JONES NEWSWIRES
Public Service Enterprise Group Inc. (PEG), New Jersey's largest
utility, on Tuesday filed an early site permit application with the
U.S. Nuclear Regulatory Commission as part of its exploration about
possibly building a new nuclear plant next to an existing one in
southern New Jersey.
Executive Bill Levis called the application "an important first
step in the regulatory process to determine if a new plant is
viable." Approval of the application means the site the company has
chosen "is suitable from a safety, environmental and emergency
planning standpoint."
The NRC is expected to take three years to review the
application. The agency has issued four early site permits in
recent years with a fifth application under review.
Atlanta-based Southern Co. (SO) is preparing to build the first
new nuclear-power generating plant in decades in the U.S. The
company is getting some $8 billion in federal loan guarantees.
The PSEG site chosen is next to its Salem and Hope Creek
Generating Stations in Lower Alloways Creek in Salem County. The
site is the second-largest U.S. nuclear facility.
An early site permit is valid for 20 years and can be renewed
for 10 to 20 more years. To build and operate a new plant, PSEG
would need NRC approval of a combined operating license.
PSEG said a group of local elected officials has been formed to
begin discussing the potential effects of a new plant on the
community. Levis said the plans exploring a possible new nuclear
plant have been well-received in the local community.
PSEG Nuclear is Salem County's largest employer, providing more
than 1,500 jobs. The Nuclear Energy Institute estimates a new
nuclear plant could provide up to 4,000 jobs during construction
and from 400 to 700 permanent jobs.
PSEG's shares recently traded at $29.65, down 1.6%, amid a broad
market downdraft.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357;
Kathy.Shwiff@dowjones.com