Earlier this month, we reported that climate scientist Dr. James Hansen and the pro-nuclear Breakthrough Institute’s Michael Shellenberger had leaped–apparently on their own–into the battle over the future of some of Exelon’s unprofitable nuclear reactors in Illinois.
In a nutshell, Exelon wants a taxpayer and/or ratepayer (it doesn’t really care where the money comes from) bailout to ensure that Exelon will receive a profit, whether the reactors themselves are profitable or not. They aren’t, and a Clinton reactor official (the most endangered of Exelon’s fleet) said this week that even with a bailout Clinton wouldn’t be profitable for “five to seven years.” Continue reading
Exelon’s Clinton reactor nearly bankrupted the small utility and rural co-ops that originally built it. Despite being bought for a few cents on the dollar by Exelon, it still isn’t economic and Exelon is “threatening” to close it. Photo by cryptome.org.
While some potential legal challenges remain, the approval of the Exelon-Pepco merger by the Washington, D.C. Public Service Commission means that Exelon is now not only the largest nuclear powered utility in the U.S., it is the largest electric utility period. And with that steady stream of regulated, and non-nuclear, Pepco money filling its coffers, you’d think that Exelon’s continuing “threats” to close up to three of its Illinois reactor sites unless it obtains more bailouts from beleaguered Illinois taxpayers and ratepayers would fall on deaf ears. Or maybe Exelon is now trying to achieve “too big to fail” status? Continue reading