Form: The form of the subsidy, for instance, either as a nuclear creditor above-market power contract. Subsidies adopted to date are eitherpriced as nuclear credits separate from the sale of electricity and otherancillary services; or in the form of contracts to purchase electricityat higher prices than prevailing market prices.Price: The unit cost of subsidies, based on the amount of electricitygenerated. In the case of power contracts, the subsidy price iscalculated as an estimate of the average difference in the subsidizedprice and average market prices.Duration: Length of time for which subsidies are committed orauthorized.Reactors: The number of reactors authorized to receive subsidiesunder the program.Capacity: The total amount of electricity generation capacity authorizedto receive subsidies, measured in megawatts (MW) of capacity.Generation: The average annual amount of electricity generated bythe subsidized capacity, or the maximum amount of generation to besubsidized.Cost/year: The average annual projected cost of the nuclear subsidy.Total Cost: The total projected cost of the nuclear subsidy program,over the full term.Costs of Other State Nuclear Bailouts
State Form Price Duration Reactors Capacity Generation Cost/year Total Cost New York Credit $17.48-$29.15/MWh (rises every 2 yrs.) 12 yrs(2017-2029) 4 3,351 MW 27,618,000 MWh $483M-$804M ~$7.6 billion Illinois Credit $16.50-$20.50/MWh (rises every year after yr. 7) 10 yrs(2017-2027) 3 2,780 MW 22,900,000 MWh $235M(cost capped at ~$10/MWh) $2.35 billion New Jersey Credit ~$10/MWh 3 yrs., up to 12 yrs. 3 3,573 MW 29,400,000 MWh ~$300M <$3.6 billion Connecticut Power Contract Unknown (price not yet finalized) 10 yrs. 3 ~1,300 MW ~11 million MWh Unknown(est. ≤ $330M) Unknown (est. ≤ $3.3 billion) TOTAL 13 11,000 MW 81 million MWh > $1.1 billion/yr ~$15 billionSubsidies to New York reactors are projected to total as much as $7.6 billion over 12 years (2017-2029).Judson, Tim. “Too Big to Bail Out: The Economic Costs of a National Nuclear Power Subsidy.”Nuclear Information and Resource Service. November 2016.Illinois subsidies are projected to total $2.35 billion over 10 years (2017-2027). Daniels, Steve.“How Exelon will keep getting bailout money in Illinois—whether it needs it or not.” Crain’s Chicago Business. August 2, 2017.https://www.chicagobusiness.com/article/20170802/NEWS11/170809972/how-exelon-will-keep-getting-bailout-money-in-illinois-whether-it-needs-it-or-notConnecticut subsidies could amount to $330 million per year, in five-year contracts.Energyzt Advisors, LLC. “Financial Assessment: Millstone Nuclear Power Plant.” April 2017.New Jersey subsidies are estimated to cost consumers $300 million per year, in extendable three-year periods.
Monday, February 18, 2019
Costs of Nuclear Bailouts in New York, Illinois, Connecticut & New Jersey
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