Nuclear Part of ‘Strong Fuel Mix’ for New York’s Clean Energy Standard; FitzGerald Plant Changes Ownership
Exelon Incorporated (NYSE:EXC) (Chicago, Illinois), owner of the largest U.S. nuclear fleet, will take ownership and manage operations at Entergy Corporation’s (NYSE:ETR) (New Orleans, Louisiana) James A. FitzPatrick Nuclear Power Plant in Scriba, New York, the companies announced today. The transaction will help to give the plant a new lease on life under the state’s new Clean Energy Standard (CES). New York Governor Andrew Cuomo, who asked the New York Public Service Commission (NYPSC) (Albany, New York) to adopt the CES, helped to facilitate the transaction, according to Exelon.
The NYPSC has approved the statewide CES, under which 50% of the Empire State's electricity will come from renewable and non-emitting energy sources like wind, solar and nuclear by 2030. The CES includes a multi-billion-dollar subsidy to keep three upstate nuclear generators operating.
Exelon’s R.E. Ginna Nuclear Power Plant and Nine Mile Point Nuclear Power Station also are eligible for the subsidy.
“I am glad to see that the State of New York and Governor Cuomo have made sure there is a strong fuel mix included in this CES,” said Brock Ramey, Industrial Info's North American Power specialist. “It is very important to recognize what these generators supply, other than base load power and grid stability.” Ramey noted that every facility provides several thousand jobs and supports third-party services suppliers that otherwise might be at risk of downsizing. “Coal, natural gas and nuclear must be included in every state’s generation matrix, as well as special consideration of subsidies that should be provided for them, as they play a role in shoring up renewables.”
For more information, please subscribe to the Industrial Info blog for more updates.