6.8.17: Statement on S.B. 106 and S.B. 778

For Immediate Release: June 8, 2017

 

STOP THE MILLSTONE PAYOUT STATEMENT ON S.B. 778: "WE APPLAUD THE GENERAL ASSEMBLY FOR DECIDING NOT TO ADOPT S.B. 106 OR ITS SUCCESSOR, S.B. 778"

Hartford, CT -- Matt Fossen, spokesman for the Stop the Millstone Payout coalition, released the following statement today after the Connecticut General Assembly adjourned at midnight:

“As we saw throughout this entire session, legislators and the public alike gave thoughtful consideration to whether the relief sought by Millstone was necessary. We are thankful to all the ratepayers, legislators, and organizations who contributed to the months’ long debate on this important issue, and applaud the General Assembly for deciding not to adopt S.B. 106 or its successor, S.B. 778. While no one questions the value of Millstone to the state, proponents of the bill failed to demonstrate that special financial treatment for Millstone was necessary to its continued economic viability at this time.”

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6.6.17: Statement on Millstone Closure Concerns

For Immediate Release: June 6, 2017

 

STOP THE MILLSTONE PAYOUT ON MILLSTONE CLOSURE CONCERNS: "DON'T BELIEVE THE HYPE"

Hartford, CT -- Matt Fossen, spokesman for the Stop the Millstone Payout coalition, released the following statement today in response to claims by executives at Dominion alluding to a possible closure of the Millstone Nuclear Plant, as well as S.B. 106 - a bill that would let the plant bid on state contracts historically reserved for new wind and solar projects.

“While it may be politically expedient for Millstone to scare lawmakers about the future of the plant, the claim that Millstone is at risk of closure is entirely unfounded. Millstone is the most profitable nuclear plant in the United States, and is predicted to be so for at least the next three years. ISO-New England has a process in place that Millstone can follow if it is truly struggling – but instead, its owner is restoring to scare tactics because it wants a special deal. At a time when so many Connecticut businesses and residents are legitimately struggling, it is an outrage that the nation’s most profitable nuclear plant is crying poverty. Our message to lawmakers is follow the money – do not be fooled.”

Under existing ISO-New England rules, Millstone is obligated to stay in operation through May 2022, and would have to undergo an ISO-NE review should it declare an intent to retire after that date. Given the region’s heavy reliance on natural gas for fuel, however, it’s virtually certain that ISO-NE would deem the plant necessary and offer a contract to keep Millstone active and profitable. An additional option available to Dominion would be selling Millstone to another nuclear operator; the nation’s most profitable nuclear plant should have no trouble finding a buyer, especially since two New York nuclear plants just recently changed hands.

Concerns over a potential Millstone closure have been repeatedly met with skepticism. Stakeholders have frequently pointed to an MIT study which showed that Millstone will be the most profitable nuclear plant in the United States through 2019, while others have cited an Energyzt report showing that the plant has made $3 billion in profits since 2001 and will earn $400 million in after-tax income over the next five years. Additionally relevant is a recent analysis performed by London Economics International for the New England States Committee on Electricity (NESCOE), of which Connecticut is a member, which found that “under every hypothetical scenario,” New England’s nuclear units, including Millstone, will remain profitable through 2030.

“Millstone will insist it’s not threatening an imminent closure, but instead warn about a potential risk down the road. But don’t believe the hype. Both of these concerns are palpably unwarranted given the plant’s financial projections and the protocols in place,” Fossen added.

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5.22.17: Statement on Both Connecticut Utility Companies Confirming Millstone Payout Will Raise Rates

For Immediate Release: May 22, 2017

 

BREAKING: CONNECTICUT UTILITY COMPANIES CONFIRM MILLSTONE PAYOUT WILL RAISE RATES

Hartford, CT -- Matt Fossen, spokesman for the Stop the Millstone Payout coalition, released the following statement today after top officials from both utility companies serving Connecticut (Eversource Energy and United Illuminating) publicly denounced S.B. 106, a bill that would let the Millstone Nuclear Plant bid alongside wind and solar for state contracts historically reserved for renewable energy sources:

“The fact that both of Connecticut’s utility companies are together on the record saying this bill is bad for consumers and ultimately a payout for Millstone is telling. Between several studies from energy experts, countless public statements from consumer advocacy groups, energy analysts, and everyday citizens – and now a full repudiation from Eversource and UI – the evidence is clear. S.B. 106 would only pad Millstone’s profits while raising rates on consumers - which is why it’s nothing more than a corporate payout.”

The utilities’ remarks were made by Eversource President of Electric Operations, Craig Hallstrom, and United Illuminating President and CEO, Tony Marone, and appeared as a guest commentary in CT Viewpoints. Among their criticisms are that Millstone hasn’t demonstrated a financial need, the bill would cost consumers millions of dollars more, and create an economic disaster for state businesses.

The authors write that Millstone’s owner, Dominion Energy, “is asking Connecticut residents and businesses to pay more – through what is effectively a tax on your electric bill – to keep its Millstone nuclear plant afloat, even though it hasn’t produced any evidence that it needs the money.”

The authors continue: “We know that keeping energy costs stable and affordable is important to our customers and the state legislature. So why, now, would they consider passing a bill that favors the bottom line of one company over the household budgets of millions of residents?” and conclude that “If approved, Senate Bill 106, now under consideration in the Connecticut General Assembly, would force customers of Eversource Energy and United Illuminating to pay millions more for the same energy they are already receiving from Millstone Station.”

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4.20.17: Stop the Millstone Payout Releases New Testimonial Ad, Small Business Says "A Lot of Businesses Will Have to Cut Jobs"

For Immediate Release: April 20, 2017

 

STOP THE MILLSTONE PAYOUT RELEASES NEW TESTIMONIAL AD, SMALL BUSINESS SAYS "A LOT OF BUSINESSES WILL HAVE TO CUT JOBS, JUST SO MILLSTONE CAN MAKE EVEN MORE PROFIT"

COALITION'S LATEST TESTIMONIAL AD HIGHLIGHTS IMPACT OF MILLSTONE CORPORATE PAYOUT ON SMALL BUSINESSES

Hartford, CT -- The Stop the Millstone Payout coalition today released the newest online ad of its digital campaign against the costly consequences of a corporate payout for the Millstone nuclear plant currently being considered by the Connecticut General Assembly. According to a recent study, the bill could cost Connecticut residents $300 million annually, all while Millstone continues to be profitable.

To view the ad, click here.  

For a transcript of the ad, see below:

Miss Pavlidis: “Hi I’m Debbie Pavlidis...We’ve run a family owned business here in Torrington, Connecticut for the past thirteen years…Connecticut businesses pay some of the highest electricity rates in the country.”

Narrator: “But Millstone Nuclear Plant wants hundreds of millions more each year in a corporate payout, paid for by raising our utility bills even higher.”

Miss Pavlidis: “We can’t afford higher rates. A lot of businesses will have to cut jobs, just so Millstone can make even more profit.”

Narrator: “Ask your legislator to stop the Millstone payout.”

The ad’s release comes within weeks of a new study by Energyzt Advisors, LLC which found that S.B. 106 would cost ratepayers $300 million per year, as well as an independent report by the MIT Center for Energy and Environmental Policy Research which shows that Millstone is set to be the most profitable nuclear plant in the country between now and 2019. The ad also supports the coalition’s website, which was rolled out on March 2nd and gives the facts surrounding a potential payout - including the reality that Connecticut already has the highest electric rates in the continental United States, Millstone’s owner (Virginia based Fortune 500 firm Dominion Resources) made $2.1 billion in profits during 2016, and Millstone will receive nearly $600 million in additional ratepayer funded capacity payments over the next few years.

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4.10.17: Millstone Nuclear Plant Most Profitable in the U.S., According to New MIT Study

For Immediate Release: April 10, 2017

 

MILLSTONE NUCLEAR PLANT MOST PROFITABLE IN THE U.S., ACCORDING TO NEW MIT STUDY

Hartford, CT -- The Millstone Nuclear Plant in Waterford is projected to be the most profitable nuclear plant in the United States between now and 2019, according to new research by the MIT Center for Energy and Environmental Policy Research. MIT’s independent research is consistent with a litany of additionally recent data, including a study by Energyzt Advisors, LLC, an analysis by the non-for-profit New England States Committee on Electricity (NESCOE), and other findings by financial analysts – all of which show Millstone remains profitable and financially successful.

“The MIT study definitively concludes that Millstone is not only highly profitable, but that it will in fact be the most profitable nuclear plant in the entire country for the foreseeable future,” said Matt Fossen, spokesman for Stop the Millstone Payout. “We call on Millstone’s owner, Virginia-based Dominion Resources, to stop trying to pull the wool over Connecticut’s eyes. It is time to end this outrageous money grab and stop the Millstone payout.”

The study, titled Early Nuclear Retirements in Deregulated U.S. Markets: Causes, Implications and Policy Options, assesses the financial outlook of nuclear plants across the United States. According to the data, Millstone is the most profitable among the 61 commercially operating plants in the country, with a projected net profit of $14.80 per megawatt hour of energy produced, which translates to approximately $250 million per year.

“The facts are simple: Millstone is vying to get a special deal to pad its bottom line, in order to send that money to their Virginia-based corporate parent and enhance shareholder value,” added Fossen. “At a time when Connecticut faces some of the highest electric rates in the United States, we should be alarmed when an already-profitable plant is claiming it needs more money – courtesy of consumers – to stay afloat. Yet this is exactly what Millstone is doing. Fortunately we now have a huge body of evidence that shines a harsh light on Millstone’s disingenuous claims.”

The MIT findings come on the heels of another recent report, by Energyzt Advisors, LLC (Energyzt), which showed that the ratepayer subsidy proposed by S.B. 106 would cost Connecticut consumers up to $300 million each year. Energyzt’s findings also showed that Millstone has earned around $760 million in after-tax income during the last five years, is projected to earn $400 million in after-tax income over the next five years, and will also receive $800 million in ratepayer funded capacity payments through 2021. The plant is currently receiving $79 million from consumers in such payments, while Dominion Resources earned $2.1 billion in profits last year alone.

Another report, by Bloomberg Intelligence, showed that hoped-for nuclear subsidies throughout the Mid-Atlantic and Northeast could cost consumers as much as $3.9 billion annually on their power bills.

The NESCOE study, performed by London Economics International (LEI), titled Renewable and Clean Energy Mechanisms 2.0 Study – Phase I: Scenario Analysis (Winter 2017), finds that “Under every hypothetical scenario,” New England’s nuclear units, including Millstone, will remain profitable through 2030.

Fossen noted, “The importance of the NESCOE study cannot be over-estimated. It was undertaken on behalf of – and in fact approved by – regional state energy officials, including Connecticut, and it was performed by a not-for-profit entity with assistance from a leading global energy economics consulting firm.”

NESCOE is governed by a board of managers appointed by the Governors of the six New England States and represents the collective perspective of the six New England states with respect to regional electricity matters. 

“We have an important, but fairly obvious choice to make,” concluded Fossen. “We can choose to either believe the consistent findings of leading academic and financial analysts and economic consultants, or we can allow ourselves to be persuaded by the self-serving and unsupported claims of Millstone, which are clearly more motivated by a corporate payout than the facts.”

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4.6.17: Stop the Millstone Payout Releases New Testimonial Ad, Senior Citizens Call Payout "A Big Deal"

For Immediate Release: April 6, 2017

 

 STOP THE MILLSTONE PAYOUT RELEASES NEW TESTIMONIAL AD, SENIOR CITIZENS CALL PAYOUT "A BIG DEAL"

NEW AD HIGHLIGHTS HOW CORPORATE PAYOUTS IMPACT CONNECTICUT SENIORS

Hartford, CT -- The Stop the Millstone Payout coalition today launched the next phase of its digital campaign against the costly consequences of a corporate payout for the Millstone nuclear plant currently being considered by Connecticut General Assembly. The first spot focuses on Connecticut’s seniors, the drastic effect that increased rates would have on their wallets, and comes in light of a new study by Energyzt that found that S.B. 106 and the de-facto Millstone payout it would create would cost ratepayers $300 million per year.

To view the ad on senior citizens, click here.

For a transcript of the ad, see below: 

Mr. Battle: "Well I'm Bill Battle and I'm now retired....When you're on a fixed income, and the electric bill goes up, that is a big deal."

Narrator: "Connecticut already has some of the highest electricity rates in the country. But Millstone Nuclear Plant wants a huge corporate payout, paid for by raising your utility bill...Bloomberg says nuclear subsidies could cost the Northeast $3.9 billion dollars each year."

Mr. Battle: "It really isn't fair for us to have to pay more, just so Millstone can make a higher profit."

Narrator: “Ask your legislator to stop the Millstone payout."

Collectively, the ads support the coalition’s website, which was rolled out on March 2nd. The site gives the facts surrounding a potential payout - including the reality that Connecticut already has the highest electric rates in the continental United States, Millstone’s owner (Virginia based Fortune 500 firm Dominion Resources) made $2.1 billion in profits during 2016, and Millstone will receive nearly $600 million in additional capacity payments over the next several years.

The efficient power generators officially announced their opposition to a Millstone payout on February 7th. Among their objections are Millstone’s refusal to disclose its financials, inability to support its claim that a payout would reduce rates for consumers and businesses, and failure to take advantage of existing regional opportunities to ensure the continued operation of nuclear power plants.

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4.5.17: Economic Study Highlights Historic and Continuing Profitability of Millstone Nuclear Plant, Subsidy will Cost Connecticut Ratepayers Hundreds of Millions Each Year

For Immediate Release: April 5, 2017

 

ECONOMIC STUDY HIGHLIGHTS HISTORIC AND CONTINUING PROFITABILITY OF MILLSTONE NUCLEAR PLANT, SUBSIDY WILL COST CONNECTICUT RATEPAYERS HUNDREDS OF MILLIONS EACH YEAR

THIRD-PARTY STUDY CONDUCTED BY ENERGYZT DEMONSTRATES RATES FOR CONSUMERS IF S.B. 106 IS PASSED

Hartford, CT – The Stop the Millstone Payout coalition today released a third-party economic analysis showing the tremendous profitability of the Millstone nuclear plant, in addition to the economic cost of the corporate payout created by S.B. 106 for Connecticut ratepayers.

The analysis, performed by Energyzt Advisors, LLC (Energyzt) demonstrates that Millstone has been highly profitable since the plant was acquired by Virginia-based Dominion Resources, generating an average rate of return substantially higher than what is typically allowed for regulated utilities. Financial projections confirm that Millstone will continue to be profitable, even in current market conditions - and is not only highly unlikely, but unable, to retire anytime in the foreseeable future.

The detailed financial study further indicates that a corporate payout for Millstone could represent a wealth transfer of up to $300 million per year – which represents a 15-20 percent increase above retail supply prices seen in 2016, a cost that will be passed along to Connecticut residents and businesses if approved. 

“This financial assessment indicates that Millstone nuclear plant is highly profitable for its corporate owner, the Virginia-based Dominion Resources,” said Tanya Bodell, Executive Director of Energyzt and author of the study. “Any corporate payout from Connecticut consumers will provide no incremental benefit and will only transfer wealth from ratepayers to Millstone’s shareholders. Millstone is not at a risk of closure as a result of its existing capacity supply obligation to ISO-NE, and it is not at risk of closure for financial reasons. The plant could receive around $800 million in guaranteed annual revenue over the next five years if it chose to hedge using market solutions versus a legislative mandate.”

The Stop the Millstone Payout coalition concludes that this is a payout we simply cannot afford.  Connecticut residents need to ask their legislators to stop the Millstone payout. 

PROFITABLE, NOW AND IN THE FUTURE

Millstone has been consistently and hugely profitable, with after-tax net income that exceeded $150 million just last year alone, and has produced an average annual rate of return above 25 percent for Dominion. Millstone enjoyed extremely high returns before natural gas prices fell, and the plant was able to maintain profitability in recent years through successful (and voluntary) financial hedging strategies. Even in years with lower energy prices, Millstone contributed earnings to Dominion shareholders’ bottom line: “Millstone has generated substantial returns on equity, earning an estimated $2.5 billion in EBITDA and around $760 million in after tax income during the past five years alone.” 

The report also notes that, “When future capacity prices in ISO-NE are combined with reasonable projections of energy prices for the next five years, it is clear that Millstone will continue to be profitable,” earning after tax income of close to $400 million over the next 5 years. The findings additionally show that the plant will soon receive nearly $800 million in additional capacity revenue from ISO-NE through May 2021, which could be combined with market-based hedges to guarantee profitability: “Under these base case projections, Millstone is anticipated to earn close to $400 million in after-tax income over the next five years, or $80 million per year. . . Thereafter, ISO-NE’s sponsored price projection results in closer to $200 million per year in after-tax income through 2030.”

CONNECTICUT RATEPAYERS LOSE

The report also notes that if the General Assembly approves Senate Bill 106, “Connecticut ratepayers lose” because “any out-of-market support to Millstone will simply be a wealth transfer from Connecticut ratepayers to Millstone equity holders for no incremental benefit.”

The only impact the Millstone bill will have on ratepayers will be to raise wholesale electricity supply costs 15 to 20 percent, an increase in cost that would add to the already high burden that Connecticut homeowners, businesses and municipalities bear when it comes to electricity rates. 

MILLSTONE IS NOT GOING TO RETIRE

In addition to the fact that “there is no economic basis for Millstone to retire,” at least through 2030 under ISO-NE price projections, Energyzt also explains why Millstone cannot retire until at least 2022 under federally-approved rules administered by ISO-NE, the regional grid operator. Under ISO-NE rules, if Millstone had wanted to retire as of that date it would have had to inform ISO-NE last month, which means Millstone is effectively required to continue to operate through at least May 31, 2022. Even if the plant wanted to retire, ISO-NE has the ability to offer the plant financial support in order to maintain the reliability of the region’s power grid.

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The report was compiled by Energyzt, a global collaboration of experts in the energy field, using publicly available information gathered from Virginia based Dominion’s quarterly reports and other public sources.  For further information on Ms. Bodell, see: http://www.energyzt.com/bodell.html. To read the report in its entirety, click here or visit stopthemillstonepayout.com.

About Tanya Bodell: Tanya Bodell is the Executive Director of Energyzt and oversees advisory services. For nearly 25 years, Ms. Bodell has provided business advice and expert support to energy clients, interacting extensively with executives and senior management of energy companies, and adding value through development of business strategy, expert insights, and transaction support.  Ms. Bodell regularly speaks and writes articles on industry topics as a regular columnist for Pennwell Publications’ Electric Light & Power, offering bi-monthly insights on economic, policy and business dynamics impacting energy markets. She has a M.B.A. from the Massachusetts Institute of Technology, a M.A. in Public Policy from the University of Chicago, and a B.A. in Mathematical Economics from Pomona College.

3.23.17: Statement on new Bloomberg report: $3.9 billion annual cost on consumers for nuclear subsidies

For Immediate Release: March 23, 2017

 

BREAKING: Bloomberg Report Estimates $3.9B Cost to Northeast Residents Annually to Pay for Nuclear Subsidies

Hartford, CT -- Matt Fossen, spokesman for the Stop the Millstone Payout coalition, released the following statement today on a new report from Bloomberg Intelligence declaring that subsidies for Northeast nuclear reactors will cost consumers as much as $3.9 billion annually:

"This report proves once and for all that Connecticut ratepayers simply can't afford the Millstone bill.  Connecticut already has some of the highest electric rates in the country.  Adding another $3.9 billion annually to the region's already high energy costs could very well be the breaking point for many residents and businesses. It's just wrong to ask them to shoulder an even greater burden just so Millstone's Virginia-based corporate overseer Dominion can line its pockets. We strongly urge legislators to act now and stop the Millstone payout."

For more information on the report, please click here. Further analysis can also be found by clicking here.

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3.21.17: Statement on Millstone nuclear bill: "We need legislators to say enough is enough and stop the Millstone payout.”

For Immediate Release: March 21, 2017

 

Statement on Connecticut S.B. 106

Hartford, CT -- Matt Fossen, spokesman for the Stop the Millstone Payout coalition, released the following statement today on S.B. 106 - a bill pertaining to the Millstone nuclear power plant, owned and operated by Virginia based Dominion Resources, Inc. - following its discussion and vote in committee:

“This is a bad bill that will raise rates for Connecticut consumers and businesses, who are already struggling to get by in a state that has some of the highest utility bills in the country. Dominion is a highly profitable company that does not need a corporate handout and has no intentions of closing Millstone. Now more than ever, we need legislators to say enough is enough and stop the Millstone payout.”

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3.13.17: Statement on Millstone nuclear bill: "A huge corporate payout - funded by raising utility bills for businesses and residents"

For Immediate Release: March 13, 2017

 

Statement on Connecticut S.B. 106

Hartford, CT -- Matt Fossen, spokesman for the Stop the Millstone Payout coalition, released the following statement today on S.B. 106, a bill pertaining to the Millstone nuclear power plant, owned and operated by Dominion Resources, Inc. The bill's language was announced to the public today.

"This bill is bad for residents and bad for business," said Fossen. "It would provide Millstone a huge corporate payout -- funded by raising utility bills for businesses and residents. It is a cost Connecticut cannot afford. The Legislature needs to vote against this bill and stop the Millstone payout.”

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3.2.17: Connecticut Power Producers Continue Efforts to Protect Consumers from Unnecessary Millstone Payout, Launch Digital Advocacy Campaign

For Immediate Release: March 2, 2017

 

Connecticut Power Producers Continue Efforts to Protect Consumers from Unnecessary Millstone Payout, Launch Digital Advocacy Campaign

With Movement Underway, StoptheMillstonePayout.com Allows Consumers to Speak Up and Communicate with their Legislators

Hartford, CT -- A group of independent power producers today unveiled a digital advocacy campaign against a proposal to provide a costly and unnecessary payout to the Millstone Nuclear Power Plant, operated by Virginia-based Dominion Resources, Inc.

The website, called “Stop the Millstone Payout,” is an effort supported by Calpine Corporation, Dynegy, NRG Energy, and the Electric Power Supply Association (which represents independent competitive power producers in New England and across the nation). The site includes key information about the potential Millstone payout, relevant news stories, press releases, and an integrated function to take action and contact one’s state representatives.

“Giving Millstone an unwarranted payout will be bad for consumers and businesses across the state,” said group spokesperson Matt Fossen. “The Stop the Millstone Payout site will give people a resource to learn the facts for themselves, and express their concerns directly to their legislators. We strongly encourage anyone worried about Connecticut’s already high cost of energy to make your voice heard.”

The power generators officially announced their opposition to a Millstone payout on February 7th. Among their objections are Millstone’s refusal to disclose its financials, inability to support its claim that such a payout would reduce rates for consumers and businesses, and failure to take advantage of existing regional opportunities to ensure the continued operation of nuclear power plants.

“The facts are simple: Millstone is demanding a corporate handout straight from consumers’ pockets, while refusing to open its books and prove that it actually needs the money,” added Fossen. “Dominion just reported a huge jump in profits and made billions last year. And Millstone will automatically make even more money starting in June, when ISO-New England starts paying out hundreds of millions of dollars in extra capacity payments. How, then, can Dominion claim Millstone is on the verge of closing, and why should consumers pay hundreds of millions extra for a payout?”

The website spells out several significant facts surrounding a potential payout - including the reality that a Millstone ‘subsidy’ will cost Connecticut residents and businesses hundreds of millions of dollars per year (based on similar payment schemes in other states), while providing no commensurate benefit. Other key facts are that Connecticut already has the highest electric rates in the continental United States, Dominion made $2.1 billion in profits during 2016, and Millstone is currently receiving $79 million from ratepayers via capacity payments, and will receive nearly an additional $600 million in such payments between this June and May 2020.

“Undoubtedly Millstone is important to our region, but at a time when state financial resources are scarce and consumers are already strapped with high energy bills, we think the facts matter more than ever,” continued Fossen. “We invite Millstone to share all the facts with the public, but until then we will do so ourselves.”

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2.7.17: Millstone is Looking for Deeper Pockets, Not “Bigger Markets”

For Immediate Release: February 7, 2017

 

Millstone is Looking for Deeper Pockets, Not “Bigger Markets”

Leading Efficient Power Producers Join Organizations Who Want Transparency from Dominion Before Any Subsidy is Considered

Hartford, CT -- A group of power producers who operate some of the most efficient power plants in New England announced today opposition to the costly and unnecessary payout of the Millstone Nuclear Power Plant, which is operated by Dominion Resources, Inc.

The groups opposing this effort include Calpine Corporation, Dynegy, NRG Energy, and the Electric Power Supply Association (EPSA), which represents independent competitive power producers in New England and across the country. They join a growing number of organizations raising concerns about giving a handout to a company that hasn’t shown any financial need.

“All power plants provide valuable services to the region, but subsidizing one simply puts the others at risk,” said group spokesman Matt Fossen. "Furthermore, Dominion has made no effort to disclose its finances. They simply want residents and policymakers to take their word for it when they cry poverty, and that’s unacceptable.”

The group challenged Dominion’s recent claim in the Hartford Courant that it simply “wants an opportunity to compete,” calling the plan an unnecessary payout that will raise electricity bills for hard-working Connecticut businesses and residents while it distorts power markets and will in fact insulate Dominion from competition.

"Tipping the scales for one company that is doing quite well in the current market is just wrong," said Fossen. "The Connecticut consumer will be better served if we're all on a level playing field."

To date, Millstone has not disclosed any financial analysis to either the public or lawmakers that shows the plant is losing money. Dominion’s own financial reports show that Millstone will continue to be profitable through at least 2020.

While specifics of the proposed payout have yet to be disclosed, a subsidy modeled on other states could cost Connecticut businesses and residents hundreds of millions every year. Also of concern is that the legislation could effectively re-regulate the state’s competitive energy market, damaging the regional wholesale markets which ensure the efficient, reliable operation of the electric grid.

The group’s opposition comes on the heels of AARP Connecticut’s statewide survey that showed that a whopping 87 percent of registered voters want Dominion to prove the Millstone Nuclear Plant is losing money before getting any subsidies.

"We look forward to a lively debate on this issue, and urge lawmakers not to approve any subsidy unless Millstone can prove it is in financial distress,” continued Fossen.

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