New Jersey regulators have approved a three-year $300 million annual subsidy - funded by utility ratepayers - for the state’s nuclear industry.

The Board of Public Utilities voted Tuesday to renew the program for another three years. It was authorized under a 2018 law.

New Jersey’s biggest utility, PSEG, operates the state’s three nuclear plants, Hope Creek, Salem 1 and Salem 2, all in southern Jersey.

Some estimates show residential rate payers could pay $40 more per year, with commercial customers seeing increases of about 50%.