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BBU Approves ZEC Refund Mechanism
On May 21st the New Jersey BPU issued an order on the Zero Emission Credit (ZEC) refund mechanism.
In the order the BPU:
(1) directed the owners of units that received “Double Payments for fuel diversity, resilience, air quality, or other environmental attributes in CY24” to refund double payments with interest to the utilities and Butler by 5/26/26;
(2) directed the utilities and Butler to file “the ZEC tariffs previously removed due to the cessation of ZEC collections,” effective 6/1/26; and
(3) ordered “that the ZEC tariff shall be used for the return of double payments to customers [6/1/26-5/31/27], as long as there remains a balance of refunded double payments” at a rate of $0.004265/kWh.
As background the BPU opened a proceeding to create a Zero Emission Credit (ZEC) program for eligible nuclear power plants, as directed by a state law signed by Gov. Murphy in 2018.
