New York Governor Andrew Cuomo has recently advanced a clean energy plan which mandates that New York transition half of its energy needs to renewables by 2030. By regressive contrast, New York’s Public Service Commission (PSC) has approved enormous subsidies for three aging nuclear power plants―Ginna, Nine Mile Point and FitzPatrick―located in Upstate New York. Estimates of the costs of these subsidies range from $59 million to $658 million by 2023, with specialists such as Blair Horner of the New York Public Interest Research Group predicting that costs could grow to $8 billion. New York consumers will be covering the tab via their utility bills.
Ginna and Nine Mile Point are owned by the Exelon Corporation, and Exelon has plans to purchase the FitzPatrick plant. You can be sure that Exelon is frothing at the mouth for this huge bailout that was approved without adequate public scrutiny. Approval of this plan gives New York State the not-so-honorable distinction of being one of the first states to bailout the aging nuclear industry in our increasingly green energy age. The long-coddled nuclear industry is hoping that other states will follow suit.
Unfortunately, subsidizing the nuclear industry in the United States is nothing new. Since the first nuclear plants opened back in the 1950’s, taxpayers have assumed nearly all of the financial risk. One of the most telling warning signs about the real cost of investing in nuclear power is that fact…