HARTFORD: Opponents to a subsidy for the Millstone Nuclear Plant owned by Dominion Resources [NYSE: D] have released a report that claims that The Millstone Nuclear Plant in Waterford is “projected to be the most profitable nuclear plant in the United States between now and 2019.”
While opposition to subsidies for the Millstone plant has surfaced from legislators, consumer groups including ARRP Connecticut, the Stop the Millstone Payout appears to be primarily financed by compteting power companies.
The website, called “Stop the Millstone Payout,” is reportedly 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 website however does not indicate, any members, supporters or board of directors of the so called coalition.
The “group” says the research cited is by the MIT Center for Energy and Environmental Policy Research. MIT’s independent research is consistent with data, from a study by Energyzt Advisors, LLC, an energy consulting firm and an analysis by the non-for-profit New England States Committee on Electricity [NESCOE].
The release says, “the MIT study definitively concludes that Millstone is not only highly profitable, but that it will in fact be the most profitable nuclear plant in the entire country for the foreseeable future,” said Matt Fossen, spokesman for Stop the Millstone Payout. “We call on Millstone’s owner, Virginia-based Dominion Resources, to stop trying to pull the wool over Connecticut’s eyes. It is time to end this outrageous money grab and stop the Millstone payout.”
The study, titled Early Nuclear Retirements in Deregulated U.S. Markets: Causes, Implications and Policy Options, assesses the financial outlook of nuclear plants across the United States. According to the data, Millstone is the most profitable among the 61 commercially operating plants in the country, with a projected net profit of $14.80 per megawatt hour of energy produced, which translates to approximately $250 million per year.