Profitable Nuclear Corporations Are Holding Legislators, Ratepayers and Workers Hostage
At Wednesday’s Senate hearing, Exelon, FirstEnergy Solutions and Talen Energy again fail to demonstrate need for $500 million ratepayer cash grab
Harrisburg, Pa. (April 10) — Citizens Against Nuclear Bailouts has issued the following statement in response to Wednesday's Senate hearing on Senate Bill 510, legislation that would bail out nuclear energy corporations that operate in Pennsylvania.
Today, the Senate Consumer Protection & Professional Licensure Committee held a hearing on the consumer-harming Senate Bill 510, just two days after a copy of the complex legislation was published for members to review.
Members of the General Assembly and their constituents deserve the truth. The fact is that profitable nuclear corporations are holding legislators, ratepayers and workers hostage so their shareholders can profit.
Once again, those representing the corporate interests of Exelon, FirstEnergy Solutions and Talen Energy failed to justify taking an additional $500 million from ratepayers every year and directing it to three corporations projected to earn more than $1 billion in profits in Pennsylvania in 2018 and 2019.
This week, Talen Energy, principal owner of the Susquehanna nuclear power plant, testified at a House hearing and made it clear that it is profitable but believes it deserves more.
“Today, Susquehanna — our station, which is owned 10 percent by Allegheny Electric Cooperative — is making money. It is not a need base. We have not announced a shutdown,” said Debra Raggio, Talen senior vice president for regulatory and external affairs.
Despite this clear admission, the Pennsylvania Rural Electric Association, which has a 10 percent ownership stake in Susquehanna, continues to mislead legislators and customers into thinking that, if legislation isn’t enacted, rural electric co-op rates will increase.
Members of the General Assembly and all Pennsylvanians continue to be misled with threats of closure, job loss and economic decline. With the exception of Three Mile Island, the nuclear industry isn’t going anywhere — it is making money and will continue to do so.
-Citizens Against Nuclear Bailouts
Citizens Against Nuclear Bailouts is a diverse coalition of Pennsylvania citizens’ groups, power generators, and energy, business and manufacturing associations.