City & State: “Nuclear Plants Bolster New York’s Economy”
By: Deborah Milone
July 17, 2015
Carol Browner, former EPA Administrator under President Obama, wrote recently in the New York Post that “existing nuclear power…is a key source for New York—and it must continue to play a large role in the state’s carbon-free energy production.” Her statement is well-founded: according to a new study by the Brattle Institute, nuclear plants reduce our wholesale electricity prices by 15%; contribute more than $7 Billion annually to our economic output; and create nearly 27,000 New York jobs.
A separate independent study documented the many significant economic benefits that come from the continued operation of Indian Point Energy Center (IPEC). Start with 5,400 jobs, not only at the plant but in all the businesses and services supporting it. These are good paying jobs that help hard working people to pay the mortgage, send the kids to college, and build communities. Without Indian Point, $2.3 billion would disappear from our local economy.
It’s not just the private sector that benefits from Indian Point: it’s the public sector as well. IPEC pays $340 million in annual tax revenues, consistent revenues that pay for good schools, paved roads, community services, and strong infrastructure. Cities and towns need money to run, and, simply put, homeowner taxes would rise or services would be cut without Indian Point.
Our environment is healthier, too, because of Indian Point. IPEC’s carbon-free power keeps 8.5 million metric tons of carbon dioxide from entering the air every year—the equivalent of taking 1.6 million cars off the road.
And all that clean electricity comes from Indian Point, despite extremes of temperature or weather, at an average of 93% capacity for the past decade. In contrast, fossil fuel plants are only able to produce power 50 percent of the time, and wind and solar even less than that.
Reliable, clean, safe, and affordable electricity from New York’s nuclear plants, including Indian Point, is a crucial part of the foundation of our state’s economy—of jobs, communities, and families whose lives are better and safer because IPEC and her sister nuclear plants work for them every day, year in and year out. In New York, Indian Point has proven its value over and over again, and it should continue to operate for years to come.
Deborah Milone is the Executive Director of the Hudson Valley Gateway of Commerce, representing much of Northern Westchester. She is a member of the New York Affordable Reliable Electricity Alliance.