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Ohio Lawmakers consider bailout for FirstEnergy nuclear plants

Ohio lawmakers weigh bailout for FirstEnergy nuclear plants,  April 9, 2017 TOLEDO, Ohio (AP) – A bailout proposed for Ohio’s two nuclear plants would keep alive a big source of jobs and tax money but end up increasing electricity rates for FirstEnergy Corp.’s customers in the state.

It will be up to the legislature and Republican Gov. John Kasich whether to approve what would amount to a huge subsidy for the plants.

While it’s not known how much FirstEnergy’s rates could go up, the increases would be capped at 5 percent.

Exactly how much the plan would generate for the nuclear plants isn’t clear yet because it’s based on a complex formula that involves plant emissions.

Both New York and Illinois recently approved multibillion-dollar subsidies to stop unprofitable nuclear plants from closing prematurely.

Akron-based FirstEnergy says the subsidies are needed to save the Davis-Besse and Perry plants that sit along Lake Erie and make 14 percent of the state’s electricity. The company has said both might be sold even if the subsidies are approved………http://nbc4i.com/2017/04/09/ohio-lawmakers-weigh-bailout-for-firstenergy-nuclear-plants/

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April 10, 2017 - Posted by | business and costs, politics, USA

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