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New York’s nuclear subsidy plan will grow to a $multibillion cost to ratepayers

hungry-nukes 1Nuclear Subsidies Are Key Part of New York’s Clean-Energy Plan, NYT By VIVIAN YEE JULY 20, 2016 “………The commission is considering a proposal that makes the state’s three upstate nuclear plants important parts of its efforts to wean itself off fossil fuels, offering nearly $1 billion in ratepayer-financed subsidies over the next two years to save plants battered by rising costs and competition from cheap natural gas.

 The subsidy is likely to grow into the multibillion-dollar range over the 12-year period proposed by the state, a sum that has caused watchdogs to question whether the state is about to approve a major industry bailout with minimal public scrutiny — even though it is the public’s utility bills that will grow……..Though the commission outlined the plan in January, saying that the subsidy could cost anywhere from $59 million to $658 million by 2023, not until 10 days before the deadline for public comments did it disclose that the actual amount would be closer to $1 billion over the first two years. (The commission pushed the deadline back another week, to Friday, after a minor outcry, while maintaining that it had offered plenty of time and information.)………Exelon Corporation would stand to benefit the most from the plan; It owns two of the three upstate plants, and is in talks to buy the third, the FitzPatrick nuclear power plant in Oswego. Exelon has spent at least $426,000 on lobbying over the past two years, according to state records.

With very little process, and very little time for the public to even know this is happening, what they’re proposing here is a multibillion-dollar uncompetitive subsidy to one company,” said Jessica Azulay, a spokeswoman for the Alliance for a Green Economy, an environmentalist group.

The alliance has calculated the total cost over 12 years as more than $7.6 billion…..http://www.nytimes.com/2016/07/21/nyregion/nuclear-subsidies-new-york-clean-energy-plan.html?_r=0

July 23, 2016 - Posted by | business and costs, politics, USA

1 Comment »

  1. thanks

    Comment by rfilos63 | July 23, 2016 | Reply


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