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Over $34 billion esitmated as cost of Rick Perry’s bailout plan for coal and nuclear

Perry’s bailout plan for coal, nuclear could cost more than $34 billion, study says   https://www.mrt.com/business/energy/article/Perry-s-bailout-plan-for-coal-nuclear-could-cost-13086420.php By James Osborne, July 18, 2018  WASHINGTON – A Department of Energy proposal to bail out struggling coal and nuclear power plants would cost $34 billion, according to a new study commissioned by a coalition of energy and technology companies opposing the plan.

The analysis, by Massachussetts-based research firm The Brattle Group, looked at the costs associated with keeping the U.S. coal and nuclear fleets operating as is for the next two years.

“Arresting the retirement of uneconomic generating assets in the current market environment will likely prove quite costly,” the report reads.

RELATED STORY: Trump orders Perry to “prepare immediate steps” to keep coal, nuclear plants online

The study was commissioned by groups including American Petroleum Institute, Advanced Energy Economy and American Wind Energy Association, after the leak of a memorandum from the Department of Energy calling for the White House to use national security powers to save coal and nuclear plants.

Energy Secretary Rick Perry has been championing such actions since last year, arguing the shutdowns theater the stability of the nation’s power grid.

“Further, bailouts of coal and nuclear plants around the country could raise costs on American consumers and fundamentally hurt the administration’s goal of American energy dominance throughout the world,” said Todd Snitchler, market development director at the American Petroleum Institute.

July 20, 2018 - Posted by Christina Macpherson | politics, USA