8.17.17: Amid Resistance to Financial Assessment, Stop the Millstone Payout Asks Dominion Energy What They Are So Afraid Of

For Immediate Release: August 17, 2017

 

AMID RESISTANCE TO FINANCIAL ASSESSMENT, STOP THE MILLSTONE PAYOUT ASKS DOMINION ENERGY WHAT THEY ARE SO AFRAID OF

Hartford, CT -- The Stop the Millstone Payout coalition posed a simple question today to state policymakers regarding the Millstone Nuclear Plant and Governor Malloy’s executive ordered investigation into the plant’s financial situation to determine whether the company deserves a massive, ratepayer funded handout  – what is Millstone so afraid of?

The question comes as the first public forum mandated by the order was held today in Hartford. The EO initiates an investigation into the plant’s financial viability and weighs the necessity of providing ratepayer assistance through special legislative intervention.

Rather than being active contributors to the public and transparent process outlined in the order, executives at Millstone have said that the time for a study “has passed,” a statement which ignores the fact that ISO-NE recently confirmed that the plant is obligated to remain open until at least 2022.

Based on recent articles, it appears that Millstone is now trying to cut a backroom deal that will put the nuclear reactor into the same category as alternative energy sources and allow it to sign a special five-year contract with the state. Mark Pazniokas of the CT Mirror recently reported that Dominion (a Virginia based Fortune 500 company) was willing to give the state some sum of money in exchange for the special legislation, stating “a deal with Dominion might yield between $75 million and $125 million a year for a limited period.”

“Let’s be clear, there is no amount of money that Millstone can offer the state that will offset the dramatic increase in residents’ electricity bills,” said Matt Fossen, spokesman for the coalition. “Connecticut residents already pay among the highest electricity rates in the country. A massive corporate payout financed on the backs of ratepayers could literally be the straw that breaks the camel’s back.”

A report commissioned by the coalition and executed by Energyzt Advisors indicated that a five-year deal would cost Connecticut consumers more than $1.6 billion over the lifetime of the contract (based on a projected $330 million additional cost to ratepayers annually).

To date, Millstone has refused to let policymakers see their financials to determine whether the company actually needs additional money. MIT recently released a report which showed that the plant is the most profitable nuclear power plant in the United States.

“The Governor was right to sign the Executive Order,” continued Fossen. “All the publicly available data shows that the Millstone nuclear plant is making money - and lots of it. But rather than taking part in a transparent public process, they’re trying cut a backroom deal. Why? Because they know the facts aren’t on their side.”

###