Step 5: Stop Wasteful Corporate Giveaway to Nuclear Power Plants
On Friday the 13th Nuclear Bailout Reaches Half Billion Dollars
(NY) – From now until Earth Day, NYPIRG is counting down ten steps that New York must take to be a national environmental leader. With climate deniers firmly in control of national policies, it will be up to the states to act. In recent years, New York has unveiled ambitious environmental programs and actions. But, announcements must be backed up by achievements.
Step 5: stop forcing New Yorkers to pay over $1.3 million per day to prop up four upstate nuclear power plants.
By the state’s own calculations, New Yorkers have spent over a half billion dollars in just one year on the Cuomo Administration’s bailout of four aging, unprofitable nuclear reactors.
Today, advocates reiterated their opposition and urged Gov. Cuomo to stop forcing New Yorkers to pay over $1.3 million per day to prop up these upstate plants.
Estimated to cost billions over 12 years, the Cuomo Administration’s bailout of Chicago-based Exelon Corp, the fleet’s owner, has already extracted a staggering sum from New York ratepayers just one year in. In fact, a former Exelon lobbyist recently crowed about its success in bamboozling New York officials in a presentation with a slide entitled “Is politics profitable?” For Exelon the answer to that question was a resounding yes, with an estimated return on investment from their lobbying operation of over 750% according to the lobbyist.
“This Friday the 13th we’re highlighting the truly head-spinning cost of Governor Cuomo’s nuclear bailout. We’ve already wasted half a billion dollars propping up the failing nuclear industry, but we don’t have to throw good money after bad. Now is the time for Governor Cuomo to end this reckless corporate giveaway,” said Alex Beauchamp, Northeast Region Director at Food & Water Watch.
“Friday the 13th is considered to be an unlucky day. When it comes to New York’s utility ratepayers, it’s clear that it is. Ratepayers are paying hundreds of millions of dollars in extra utility rates to cover the costs of these aging, inefficient power plants,” said Blair Horner, Executive Director of NYPIRG. “Governor Cuomo should pull the plug on this bad deal.”
It’s time to stop energy bailouts for mature energy industries.
Amazing how corrupt individuals can steal from the masses. One influential energy executive can cause 14+ million New Yorkers to pad his wallet by fleecing the masses for excessively priced electricity. It’s time to stop energy bailouts for mature energy industries and move on to a better world of energy efficiency, renewable generation, and repaid response generation facilities.