Citizens Against Nuclear Bailouts (PA) update and alert:
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Valentine’s Day is right around the corner, and we’re feeling the love from deregulation and energy costs lower than the national average. Ratepayers in New York and Illinois aren’t as fortunate, because their states caved and enacted nuclear bailouts. This has meant higher electricity prices for families, seniors and schools, but for what?
Exelon last week announced a dividend increase to shareholders. The company had the audacity to call out the nuclear bailouts in New York and Illinois as a reason for the increase.
This is a classic case of Wall Street getting richer at Main Street’s expense. This 5 percent increase would equate to an additional $64 million per year for shareholders, according to our estimates.
Perhaps nuclear conglomerates should invest in their facilities and employees instead of fattening the wallets of their shareholders.
And they’re not done just yet. In New Jersey, a new nuclear bailout bill has been introduced, and it’s been revealed that nuclear industry officials worked with former Gov. Chris Christie to draft an earlier version of the bill:
The senators introduced the bill a day after the Associated Press reported that it had obtained records showing that PSEG lobbyists worked with the administration of former Gov. Chris Christie (R) to strengthen language in the earlier version of the bill meant to keep the company’s financial information confidential. That version, which would have provided upward of $300 million annually to nuclear operators, failed when Speaker of the General Assembly Vincent Prieto declined to post it for a vote earlier this month.
If New Jersey goes through with a nuclear bailout, ratepayers won’t be feeling any love from the industry. Instead, they’ll feel heartache and regret, just like New York and Illinois.
Continue to stand with us against nuclear bailouts in Pennsylvania!
Citizens Against Nuclear Bailouts is a coalition of Pennsylvania citizen groups,
associations, businesses and industry leaders who stand united to oppose
government—and ultimately taxpayer--funding of nuclear bailouts.
Our mailing address is:
Citizens Against Nuclear Bailouts
PO Box 11484
Harrisburg, PA 17108