Ginna Bailout and Rate-hike Information Forum ALLIANCE FOR A GREEN ECONOMY NUCLEAR INFORMATION AND RESOURCE SERVICE
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1 Ginna Bailout and Rate-hike Information Forum ALLIANCE FOR A GREEN ECONOMY NUCLEAR INFORMATION AND RESOURCE SERVICE
2 Alliance for a Green Economy Alliance for a Green Economy (AGREE) works for safe, affordable energy and the development of a green economy in New York State. AGREE promotes a transition to a carbon-free and nuclear-free future and educates the public about alternatives that can revitalize the economy and safeguard human health and the environment.
3 Nuclear Information and Resource Service NIRS is a national organization providing information and support to grassroots people and organizations concerned about nuclear power, radioactive waste, and the public health hazards of radiation. 45,000 members and activists in the United States, including 3,000 in New York. Contact: (301) timj@nirs.org
4 Overview Exelon contract costly and counterproductive 44-80% above market prices $83-$152 million/year $18-$34/mo. per RG&E customer 7-40 x more than other power plant subsidies Need to look to the future Decommissioning and community transition Workers, community can be protected at lower cost Lower cost, clean energy options
5 What has happened so far? July 11, 2014 Exelon filed petition with Public Service Commission (PSC) Threatened to close Ginna unless PSC mandates a subsidy October 6, 2014 RG&E put out a 7-week solicitation for alternatives November 14, 2014 Public Service Commission ordered RG&E and Ginna to negotiate a contract. They also ordered RG&E to report to them on alternative proposals December 23, 2014 RG&E announced that it had found an alternative transmission upgrade that could render Ginna unnecessary for reliability January 15, 2015 Proposed contract was due February 6, 2015 New proposed contract deadline Going forward Unknown
6 How Did We Get Here? National trends, costly plant, lack of planning Falling electricity prices Increasing energy efficiency Rising operating costs for nuclear power plants Two plants like Ginna closed in RG&E asleep at the wheel
7 R. E. Ginna Nuclear Power Plant Ginna is the 582 megawatt pressurized water reactor (PWR) 2 nd -smallest nuclear plant in the country Started operation in 1970 Oldest PWR still operating in the U.S. 4 th -oldest reactor in the U.S. 7 th -oldest reactor operating in the world
8 Ginna s History Originally owned by Rochester G&E Sold to Constellation in 2004 $401 million plus $21.6 million for unused fuel 10-year power contract with RG&E 2004: NRC approved 20-year license extension Ginna licensed until : Power Uprate approved Increased power by 17%
9 Ginna s History 2010: EdF acquires 50% of CENG Settlement over failed Unistar partnership Constellation acquired by Exelon in 2012 CENG still half-owned by EdF Ginna now operated by Exelon
10 Economic Conditions in the Industry Rising Costs and Falling Prices Operating costs rising for aging reactor fleet Median Age = 35 years Ginna at 45 years in generating cost = $44.17 per MWh $50.54 for single-reactor plants Rising more than 5% per year since 2008
11 Exelon s Energy Agenda Restructure energy policy to save nuclear Block renewables and efficiency Preferences for baseload plants Clean Energy subsidies for nuclear Cap-and-Trade with nuclear offsets And where that won t work Subsidized Must-Run Contracts
12 Exelon s Agenda Illinois Blocked 2014 renewable energy bill Threatened to close reactors Demanding Combination of Subsidies Estimate = $1.1 billion per year 38% increase in market electricity prices State reports just released: Uneconomical reactors not needed Lower cost than subsidies Efficiency and Renewables cost less, create more jobs
13 Ginna s Economics Possibility of closure known for two years UBS report January 2013 Power contract expiring in June 2014 = losses Estimated $43 million losses in Wall Street firms and experts agreed Credit Suisse, Moody s, Morningstar reports Dr. Mark Cooper report: Renaissance in Reverse
14 Exelon Contract Proposal July 2014: Exelon threatens retirement of Ginna asks PSC to require a subsidy Based on reliability study by NYISO and RG&E Reported losing $100 million from Over 2x as much as UBS estimated Possible given Ginna s age and size Exelon did not name a contract price Suggested it wants a guaranteed profit
15 Minimum Cost Estimate Annual Operating Cost of Ginna Costs in $/megawatt-hour ($/MWh) Utility bills in cents/kilowatt-hour (cents/kwh) Old Contract Price (90%) $44.76/MWh Market Price (10%) $34.72/MWh Capacity Payments $2.67/MWh Losses $10.32/MWh TOTAL Operating Cost $56.75/MWh
16 Maximum Cost Estimate Exelon wants 11% Return on Investment (ROI) Would raise cost to $71.00/MWh Highest market price = $63.46/MW (2008) Bloomberg article quoted Exelon: A single-unit reactor like Ginna needs as much as $71 a megawatt-hour to earn an 11 percent return and $56 to $64 to break even, based on 2016 forecasts, Exelon said.
17 Ginna Subsidy Costs Contract Price vs. Average Market Price Operating Cost Moderate Profit Exelon s 11% ROI Market Price $39.54/MWh $39.54/MWh $39.54/MWh Contract Price $56.75 $64.00 $71.00 Difference $17.21 $24.46 $31.46 % Increase +43.5% +61.9% +79.6% Annual Cost $83.3 million $118.4 million $152.4 million Per Customer $ $ $ Per Month $18.77 $26.68 $34.32
18 Compared to Other Plants Ginna contract unprecedented Dunkirk and Cayuga subsidies several times less Dunkirk Cayuga Cost ROI Total Cost $150 million $140 million $313 million $572 million Annual Cost $15 million $29 million $83.4 million $152.4 million Per Customer $9.38 $32.95 $ $ Per Month $0.78 $2.73 $18.80 $34.30
19 What if Ginna Closes? Will the lights go out? Will we use more fossil fuels? What about community concerns?
20 Will the lights go out? PSC is being very conservative. Reliability study is not transparent and there has been no public review RG&E has proposed transmission upgrades that will resolve any reliability issues.
21 Will we use more fossil fuels? Ginna Energy Efficiency Wind $ $71 MWh $25.00 MWh $50.74 MWh (unsubsidized)
22 Addressing community needs There are workers employed at Ginna. Ginna pays about $10 million in property taxes Ginna has nearly 500 tons of nuclear waste on site that will need to be isolated from humans and the environment indefinitely
23 Subsidizing Ginna is not the best way to create jobs Ginna Subsidy = $114,000 - $250,000 per job. Efficiency and renewables create many more jobs. For every million dollars invested: Ginna Energy Efficiency Wind Solar jobs 7 jobs 4.6 jobs 5.4 jobs And what about the jobs that could be lost if electricity prices rise so high?
24 Subsidizing Ginna is not the best way to address community needs Ginna pays about $10 million in property taxes. Subsidizing Ginna is an inefficient way to help Wayne County and the Town of Ontario. A good decommissioning plan is essential Protect human health and the environment. Protect workers and retain jobs at Ginna. Sustaining taxes, replacing wages less costly than Ginna
25 Decommissioning: Crisis or Opportunity? Federally mandated Dismantlement of reactor Cleanup of site Management of nuclear waste Decommissioning fund required But virtually unregulated No detailed plan required No resident inspector, little enforcement
26 Decommissioning Options NRC Regulations Provide Three Options: DECON rapid dismantlement SAFSTOR up to 60 years to complete Entombment never released for unrestricted use All three options have problems: DECON = dirty, dangerous, expensive SAFSTOR = lost jobs & experience, uncertain outcome Entombment = site remains a hazard forever
27 PDSR Model Planned Decommissioning and Site Remediation Rancho Seco reactor ( ) years Retain 40-50% of the workforce Site surveys and planning Vermont Yankee decommissioning deal Embodies PDSR approach Nuclear waste first, then decom and cleanup Community development funds Citizen Advisory Panel and public involvement
28 Now is the Opportunity No other chance to make Exelon commit NRC process fruitless favors plant owner Legal options limited Vermont Yankee example Entergy needed permit from Public Service Board Governor, Attorney General negotiated settlement Workers, local officials had seat at the table No agreement now = public has no say
29 Alternative Vision Sustainable Energy + Decommissioning + Community Transition Energy Efficiency $25.00/MWh 526 jobs Wind (unsubsidized) $50.54/MWh 430 jobs Efficiency + Wind $34.78/MWh 956 jobs Decommissioning Employees (@40%) 240 Ginna jobs TOTAL = 1,196 jobs Community Transition Wage Support 360 jobs = $36 million Local Taxes $10 million TOTAL COST $44.26/MWh COST = 22-38% below Ginna
30 What AGREE is Doing Involved in the PSC proceeding Demanding delay of contract approval until alternatives are fully considered Calling for RG&E to bear costs, not customers Pushing for independent review of reliability study Advocating for the state to use contract as leverage for a good decommissioning plan Local education and organizing
31 What can you do? Write a comment tonight Join our list Contact local officials Write letters to the editor Make a donation For more information, visit the AGREE Website
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