Tag Archives: Connecticut

The Astronomical Cost of New Subsidies for Old Reactors: $280 Billion.

ny-bailout-protest_cropGreenWorld has covered the unfolding story of the American nuclear power industry’s clamor for new subsidies and bailouts since it started in 2014. Purely as a spectator sport, it might have been entertaining to watch the country’s largest utilities go from proclaiming a “Nuclear Renaissance” a decade ago to peddling the message that “Nuclear Matters.”

But there is just too much at stake to treat it like a game. The utility industry’s ramped-up efforts to block renewable energy and horde billions of our clean energy dollars to prop up old nukes risks both climate and nuclear disaster. Most of these proposals have been failing, thanks to the dogged persistence of grassroots activists and clean energy groups–and, it must be said, the outrageous sticker price of subsidies the industry needs. In fact, just this week, the two-year saga of FirstEnergy’s $8 billion nuclear-plus-coal bailout plan seems to have ended, with what amounts to a consolation gift to a couple FirstEnergy utility companies. Still an outrageous corporate giveaway, but no subsidies for nuclear or coal, even after it seemed like a done deal a few months ago.

But New York Governor Cuomo’s decision in August to award a 12-year, $7.6 billion subsidy package to four aging reactors–including reversing Entergy’s decision to close the FitzPatrick reactor this coming January–has put wind into the industry’s sails. Even that chapter isn’t over, with lawsuits already being filed and several more expected. And environmental groups this week launched a new campaign to get Governor Cuomo to smell the coffee and cancel what will not only be the largest corporate give-away in the state’s history, but relegate clean energy to second-class status behind old nukes.
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