$580 MILLION EXELON RATE HIKE?? That’s the price tag for their nuke bailout…EVERY YEAR!
Thursday, Oct 30, 2014
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“Exelon Corp. is urging state utility regulators to press for changes in power markets that would boost revenue at the company’s Illinois nuclear power fleet by about $580 million.” [Crain’s Chicago Business, September 24, 2014]
Exelon wants a $580 million rate hike!! $580 million…for what??? Even if ratepayers bail out Exelon’s plants with $580 million every year, they won’t even guarantee to keep the plants open.
Illinois’ businesses and citizens are still struggling and the last thing we need is a massive rate increase to bail out Exelon nuclear plants built during the Nixon administration and already paid for several times by ratepayers.
Even ComEd, Exelon’s own sister company, doesn’t agree with subsidized generation at above-market prices:
“ComEd has long believed that competitive markets will work in the best interests of our customers…so we are concerned about the negative impact on our customers from a requirement that would force utilities to buy subsidized generation at above-market prices.” [Crain’s Chicago Business, November 20, 2013]
Yet now Exelon is demanding an annual 580 million dollar bailout from ratepayers—industrial, commercial and residential—because they don’t want to face the risks of the market they championed when it helped Exelon. So much for the “best interests of our customers.”