Public Service Enterprise Group (PSEG, NYSE: PEG) is moving on with plans to build new reactors at the 2,350 MW Salem nuclear plant in New Jersey, according to The (N.J.) Star Ledger.

PSEG applied for an early-site permit in 2010, but the U.S. Nuclear Regulatory Commission pushed back its review until 2014. However, PSEG said in the article that even if the permit were approved, the company would have to decide if the market could support the project.

"The current market cap for PSEG is $18 billion," Jamie Mallon, the ESP manager overseeing the project was quoted as saying. "If we're to embark on building a plant, it's essentially betting the company - and it's a huge challenge."

In addition, PSEG would have to spend money for up to 15 years before the plant was operating, the article said.

PSEG said it has not picked which reactor model it would use.

The Salem plant is a two-unit plant that uses Westinghouse four-loop pressurized water reactors. Both units have a generating capacity of 1,175 MW.

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