Business Report: PSEG subsidies, EDA grant pre-registration, COVID-19 vaccine production

PSEG is getting additional subsidies for its nuclear plants. The State Board of Public Utilities approved PSEG’s request for up to roughly $300 million in ratepayer subsidies to cover the operating costs of its plants in South Jersey. The actual figure might be less, depending on how much the plants run. The nuclear subsidies cost the typical residential ratepayer about $34 on their annual bill.

An important deadline is fast approaching for New Jersey businesses in need of more financial help. Thursday is the last day for small businesses to pre-register for the new grant programs that will be soon rolled out by the New Jersey Economic Development Authority. Pre-registration is required for any business interested in applying for a grant. Businesses and nonprofits that have been hurt by the pandemic can receive grants of up to $20,000. Once the pre-registration process is completed this week, grant application submissions will start next week.

Another New Jersey pharmaceutical company is going to help a competitor produce COVID-19 vaccines. Sanofi will use its facility in Ridgefield to help Moderna produce its vaccine. The work will start in September. Sanofi is also continuing clinical trials on its own vaccine candidates.

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