Regulator OKs Exelon's proposal to close New Jersey's last two coal plants
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New Jersey's last two remaining coal-fired power plants are set to shut down, Bloomberg reports, as the state's Board of Public Utilities approved Exelon's (NASDAQ:EXC) proposal to buy out existing power purchase agreements that were scheduled to run until 2024.
The utility says the Logan and Chambers plants will be deactivated by May 31, saving customers as much as $30M.
New Jersey is seeking to eliminate carbon from its power grid by 2050 and to curb total emissions in the state by 80% from 2006 levels.
Analysts at Mizuho recently upgraded Exelon to Buy based on valuation.