Citizens Against Nuclear Bailouts urges lawmakers to protect ratepayers from the harm of a nuclear energy bailout
Citizens Against Nuclear Bailouts (CANB) has issued the following statement in response to Sen. Aument's and Rep. Mehaffie's co-sponsorship memos, which each outlines legislative actions intended to bail out certain nuclear power generation facilities in Pennsylvania.
Recently, a co-sponsorship memo was circulated in the legislature that outlines a course of legislative action that would burden Pennsylvania consumers with higher electricity bills to fund a nuclear bailout tax, which would benefit already profitable nuclear power corporations.
Citizens Against Nuclear Bailouts — a diverse coalition of Pennsylvania citizens’ groups, energy consumers, power generators and energy, business and manufacturing associations — calls into question the need for a nuclear bailout tax when Pennsylvania’s nuclear power plants are projected to have made more than $600 million in profits in 2018, according to PJM Interconnection's Independent Market Monitor.
Four of Pennsylvania’s five nuclear power plants were profitable with the exception of Exelon’s Three Mile Island (TMI), a single reactor that is inefficient and uncompetitive.
TMI should either be closed or Exelon should use a fraction of its own hundreds of millions of dollars in profits to subsidize the plant instead of turning yet again to consumers for a handout.
This is a boardroom decision to close TMI, not a legislative issue, and ultimately this latest plea for a bailout is nothing more than corporate greed disguised as green.
Proponents will claim adding nuclear power generation to Pennsylvania’s Alternative Energy Portfolio Standards (AEPS) is not a bailout. However, a subsidy from consumers simply so that corporations can increase their profits is clearly a bailout no matter how it is derived or what it’s called.
This proposal will essentially re-regulate Pennsylvania’s competitive electricity markets by taking away consumer choice and forcing consumers to buy nuclear energy--no matter the cost.
We urge lawmakers to reject this nuclear bailout tax that will raise electricity bills, and allow competitive markets to continue to work for Pennsylvania’s consumers.