Exelon (NYSE: EXC)’s nuclear power plants in Illinois bring in just under $9 billion of annual economic stimulus and 28,000 jobs to the state, according to a study by the Nuclear Energy Institute (NEI) and co-written by Nuclear Matters.
The study, entitled “The Impact of Exelon’s Nuclear Fleet on the Illinois Economy,” said the six facilities generated 90 percent of Illinois’ carbon-free electricity, and half of its overall electricity capacity. The study said the retirements of the Byron, Quad Cities and Clinton nuclear plants in 2016 would result in a loss of nearly $4 billion of direct and indirect economic output in the state, and those losses would increase each year to almost $5 billion by 2030. Job losses would peak at more than 13,000 in the fifth year after they close.
“The data clearly show that taking Illinois nuclear energy facilities out of the equation amounts to a serious threat to the Illinois economy,” said Richard Myers, NEI’s vice president for policy development. “The profoundly negative impacts would not just occur in the plant communities, but across the state.”
Nuclear Matters’ co-chairs, former Senators Evan Bayh (D-Ind.) and Judd Gregg (R-NH), said other nuclear plant closures, including Dominion (NYSE: D)’s Kewaunee in Wisconsin and Entergy (NYSE: ETR)’s Vermont Yankee, is proof of how many are impacted by the shut down.
“The analysis also reminds us of the very real impact that premature nuclear shutdowns can have, highlighting how the closure of Wisconsin’s Kewaunee plant cost its host county 15 percent of its jobs and 30 percent of its tax revenue,” Sen. Gregg said. “Another plant, Vermont Yankee, is also set to close soon, a move that will have similarly unfortunate results for that state.”
To read the report, click here.
To read other economic studies of U.S. nuclear plants, click here
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