For Immediate Release
Erin Jensen, (202) 222-0722, email@example.com
Failing Nuclear Industry Pushing for $23 Billion Federal Bailout
A bailout proposed by the nuclear industry would cost tax and ratepayers billions, while starving demand for wind and solar.
WASHINGTON - As the nuclear industry lobbies Congress for a bailout, a new analysis commissioned by Friends of the Earth shows that their favored tax proposal would entail massive costs for taxpayers, ratepayers and the climate. Even using the most optimistic projection, the direct costs to taxpayers totals $23 billion over ten years and $34 billion over 20 years.
“The dying nuclear industry wants a massive bailout at the expense of taxpayers and the climate,” said Lukas Ross, Senior Policy Analyst for Friends of the Earth. “With just a decade left to prevent the worst of the climate crisis, we shouldn’t dump more money into ancient nuclear reactors at the expense of cleaner and much cheaper renewables.”
This new subsidy would add to over half a century of massive government support for the nuclear industry. The exact proposal would create a new 30 percent investment tax credit for existing nuclear reactors based on their refueling and capital costs. Utility giant Exelon, the largest nuclear operator in the country, is lobbying hard to include this proposal as a possible tax extender.
SCROLL TO CONTINUE WITH CONTENT
If you think a better world is possible, support our people-powered media model today
The corporate media puts the interests of the 1% ahead of all of us. That's wrong. Our mission? To inform. To inspire. To ignite change for the common good.
If you believe the survival of independent media is vital to a healthy democracy, please step forward with a donation to nonprofit Common Dreams today:
“Subsidizing nuclear keeps reactors on-line and crowds out the alternatives. It slows the transition to an electrical grid based on low-carbon distributed resources,” wrote expert Dr. Mark Cooper, the author of the analysis and Senior Fellow for Economic Analysis at the Vermont Law School’s Institute for Energy and the Environment. “Nuclear power has no role to play in the long-term future of a low carbon electricity sector.”
The burden to regular ratepayers and the climate would be significant as well. Keeping aging, expensive reactors online instead of replacing them with clean renewables blocks the transition to a low-cost, low-carbon energy future — a delay that would cost regular electricity consumers $33 billion over the next 20 years.
“Stumbling from one bailout to the next isn’t a business model,” added Ross. “For the sake of taxpayers, electricity consumers and the climate, Congress must stop this endless nuclear boondoggle.”
This is the world we live in. This is the world we cover.
Because of people like you, another world is possible. There are many battles to be won, but we will battle them together—all of us. Common Dreams is not your normal news outlet. We don't survive on clicks. We don't want advertising dollars. We want the world to be a better place. But we can't do it alone. It doesn't work that way. We need you. If you can help today—because every gift of every size matters—please do. Without Your Support We Won't Exist.
Please select a donation method:
Friends of the Earth is the U.S. voice of the world's largest grassroots environmental network, with member groups in 77 countries. Since 1969, Friends of the Earth has fought to create a more healthy, just world.