Taxpayers Bail Out Nuke Plant Scheduled to Close – Paying Up to $7.6B!

FitzPatrick Nuclear Plant

FitzPatrick nuclear plant

Last November MDN told you that the nuclear power plant in Oswego, NY will shut down, largely because it can no longer compete with electric plants powered by cheap Marcellus Shale gas (see PA Marcellus Gas Claims a Nuclear Scalp in Central NY). New York Gov. Cuomo banned fracking, so NY doesn’t produce any cheap, abundant, clean-burning natural gas. That’s a burr under Andy’s saddle. He detests closing the nuke plant because gas has won. So instead of letting market economics dictate what happens in NY, Cuomo fought the closure of the FitzPatrick nuclear plant (see NY Gov Cuomo Vows to Fight FitzPatrick Nuke Plant Closure). Unfortunately Cuomo has won the fight–at a great and terrible cost to taxpayers. The company that now owns the plant, Exelon, will keep the plant open because the government will allow Exelon to soak ratepayers to the tune of $7.6 BILLION over 12 years. Who wouldn’t keep a tottering old nuke plant open for another 12 years if they got PAID BILLIONS to do it? Exelon would be crazy not to keep it open. Thanks Andy, for soaking Upstate residents once again…

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