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WHAT'S AT STAKE
Dominion Resources is a Virginia-based Fortune 500 company that has operated the Millstone Nuclear Power Plant in Waterford since 2000. Dominion just reported one of its most profitable years ever, raking in $2.1 billion in earnings in 2016. But Millstone now wants to force Connecticut to give them a huge and unjustified corporate payout - one that will cost residents and businesses at least $300 million each year.
IF DOMINION GETS ITS WAY, CONNECTICUT BUSINESSES AND RESIDENTS WILL BE FORCED TO PAY HUNDREDS OF MILLIONS OF DOLLARS EXTRA EACH YEAR FOR THE EXISTING MILLSTONE NUCLEAR POWER PLANT.
Millstone is a highly profitable plant that has contributed to Dominion’s windfall earnings for nearly two decades. The last thing Millstone needs is a corporate handout – especially when so many Connecticut residents and businesses are struggling. The worst part is Dominion refuses to justify that it actually needs the payout!
RIPPING OFF CONSUMERS AND KEEPING THE BOOKS SHUT
Connecticut is already in economic trouble. The state is deeply in debt, and businesses and residents are leaving in droves because of the high cost of doing businesses here. The fact that a Fortune 500 company is seeking a payout at a time like this is an outrage.
Dominion keeps raising fears that its industry is struggling and that it needs a special deal to stay in business. But if Millstone truly needs extra money, why won’t it prove it and open its books? The answer: The company is making windfall profits at Millstone, but wants even more money. YOUR money. And despite Dominion's claim that it'll "remove the middleman" and save consumers money, what they aren't telling you is that they are the ones who hire the middleman to begin with.
AT A TIME WHEN CONNECTICUT HAS A $1.5 BILLION DEFICIT, AND RESOURCES FOR OUR SENIORS, SCHOOLS, AND UNDER-SERVED ARE BEING CUT, THE LAST THING CONSUMERS SHOULD PAY FOR IS MILLSTONE'S UNPROVEN FINANCIAL NEED.
The FACTS About Millstone's "struggles"
Dominion Resources, Millstone’s Virginia-based owner, just reported one of its best quarters in recent memory. Operating earnings for the three months ending on Dec. 31, 2016 were $618 million – up nearly 50 percent from the year before. How dare Dominion cry poverty when they are making money hand over fist!
Millstone is already on track to get hundreds of millions of dollars from ratepayers each year! That’s because it will receive new capacity payments from ISO-New England for the next several years. Starting on June 1st, consumers will be paying an extra $98 million per year for Millstone, with an additional $64 million on top of that starting in 2018. In total, Millstone will collect nearly $600 million from ratepayers over the next three years alone - all of this, on top of the $79 million consumers gave them this past year and the additional millions Millstone makes selling energy.
- Millstone just committed its nuclear units to operate through May 2021 in the latest ISO-NE capacity auction. The company has also been telling its Wall Street investors that the plant has no plans to retire. So why, then, is Millstone telling lawmakers and the public that it will shut down? There is only one reason: to scare Connecticut into giving them a payout.
BOTTOM LINE: MILLSTONE IS MAKING MONEY HAND OVER FIST BUT WANTS YOU TO PAY EVEN MORE. GET THE FACTS … AND STOP THE MILLSTONE PAYOUT.
IN THE END: HIGHER COSTS, PUNISHING THE PUBLIC
According to the United States Energy Information Administration, Connecticut already has the highest electric bills in the continental United States. Right now, Connecticut residents pay on average 19.95 cents per kilowatt-hour to power their homes, while rates for commercial and industrial facilities are increasing and not far behind.
WE ALL AGREE - ENERGY COSTS MUST COME DOWN. BUT GIVING MILLSTONE A PAYOUT WILL ONLY INCREASE YOUR BILLS
The facts are simple. Giving a Fortune 500 company hundreds of millions extra each year - on top of the increasing capacity payments Millstone will automatically receive - won't magically reduce rates for Connecticut consumers. In fact, giving Millstone this unjustified handout will only raise costs while providing no new benefits.