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New York’s public institutions will pay up big for Gov. Cuomo’s upstate nuclear plant bailout

Gov. Cuomo’s upstate nuclear plant bailout will cost MTA, NYCHA big on utility bills, Daily News,   by Glenn Blain, 5 Mar 17 ALBANY — Gov. Cuomo’s plan to bail out three upstate nuclear plants will cost public institutions, including the MTA, millions of dollars in added utility costs, a new study says.

The study by the New York Public Interest Research Group found that public institutions will see their electric bills rise by as much as $112 million a year for the first two years of the deal and then even more over the next dozen years.

“Since the Cuomo Administration has kept this process largely in the dark, it’s up to us to educate the public on the tremendous hit all ratepayers are going to take,” said NYPIRG Executive Director Blair Horner. “We hope this analysis will spur lawmakers to block the plan.”

According to NYPIRG’s analysis, the Metropolitan Transportation Authority is on track to see its annual utility bill rise by $11.6 million thanks to the bailout.

The New York City Housing Authority will see an estimated $522,160 in additional costs. The Port Authority will pay an additional $435,098 a year while the city’s Health and Hospitals Corp. will see an estimated increase of $2.44 million a year, according to NYPIRG.

Cuomo’s plan, dubbed The Clean Energy Standard, requires utilities across the state to purchase power from the nuclear power plants at inflated rates……

Last fall, NYPIRG and other critics of the deal estimated it would cause Con Edison’s residential customers to shell out an extra $705 million over the next 12 years. http://www.nydailynews.com/news/politics/cuomo-upstate-nuclear-plant-bailout-cost-mta-nycha-big-article-1.2988203

March 6, 2017 - Posted by Christina Macpherson | business and costs, politics, USA