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.”