{"id":357,"date":"2019-01-08T13:06:13","date_gmt":"2019-01-08T19:06:13","guid":{"rendered":"http:\/\/www.ctenergyratings.com\/blog\/?p=357"},"modified":"2019-01-08T13:06:13","modified_gmt":"2019-01-08T19:06:13","slug":"10-year-power-deal-save-millstone","status":"publish","type":"post","link":"https:\/\/www.ctenergyratings.com\/blog\/10-year-power-deal-save-millstone\/","title":{"rendered":"10 Year Power Deal To Save Millstone"},"content":{"rendered":"
\"The
The Department of Energy and Environmental Protection (DEEP) is offering a 10 year bid for nearly 50% of Millstone’s output. Is it really just a bailout or will it lower taxpayer energy bills?<\/em><\/center><\/figcaption><\/figure>\n

What is happening to save Millstone nuclear power plant?<\/h2>\n

On December 28, 2018, Governor Dannel P. Malloy announced that the state of Connecticut selected a 10-year bid<\/a> for power from the Millstone nuclear plant as a zero-carbon electricity-generating resource. This, along with other zero-carbon power, will make up 45% of the state\u2019s electricity load<\/a>.<\/p>\n

What does this mean for Millstone\u2019s future?<\/h3>\n

Operated by Dominion Energy, Millstone Power Station is Connecticut\u2019s only nuclear power plant. In 2017, the plant announced that it was at risk of closure<\/a> if it did not receive financial support. The plant generates nearly $1.5 billion annually and employs more than 1,000 employees. In November 2018, state regulators ruled that Millstone would be able to participate in state auctions as a carbon-free energy source; this would allow the plant to compete not only on electricity prices<\/a>, but on factors such as economic development as well.<\/p>\n

The December 28 announcement revealed the Department of Energy and Environmental Protection (DEEP) selected a 10-year bid for close to 50% of Millstone\u2019s output. \u201cWe agreed with PURA that the Millstone nuclear facility is at risk of early retirement and created an evaluation framework that let us compare the costs of retaining the resource with the cost of replacing it over time with a variety of renewable resources,\u201d Commissioner Robert Klee stated of the decision. \u201cWe believe ratepayers deserve, and can get, a more competitive price for Millstone\u2019s output.\u201d<\/p>\n

Does the Millstone nuclear power plant need saving?<\/h3>\n

Competitors have argued that Millstone does not need state backing, and that it does not generate renewable energy resources<\/a> like wind and solar energy do. Emily Lewis, a senior policy analyst at the Acadia Center, stated that \u201cpolicymakers should not throw money at Millstone<\/a> that could be used for renewables,\u201d although she does agree that Millstone still plays an important role in the energy mix. \u201cIf and when the plant is retired, the power it generates should be replaced by offshore wind.\u201d<\/p>\n

After the first three years of the 10-year deal, Connecticut\u2019s utilities are to once again negotiate a price that better reflects Dominion\u2019s costs and risks of keeping the plant running. According to the December 28 press release, “the selected price for the first three years reflects Dominion’s submitted energy-only price. For the at-risk period of the bid, 2022 to 2029, Eversource<\/a> and United Illuminating<\/a> are directed to negotiated for a price that reflects the costs and risks Dominion faces. The negotiations are requested to conclude by March 31, 2019.”<\/p>\n

Stay informed and save on your electricity with CT Energy Ratings!<\/h3>\n

This 10-year bid represents the first step in saving Millstone nuclear power plant from closure, and the next three years of the at-risk period are likely to determine what happens next, including how it affects the future prices of Connecticut\u2019s energy. You can stay up to date and check out current electricity prices, however, by visiting https:\/\/www.ctenergyratings.com\/electricity-rates<\/a> to compare the choices and plans that are available right now.<\/p>\n","protected":false},"excerpt":{"rendered":"

What is happening to save Millstone nuclear power plant? On December 28, […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mbp_gutenberg_autopost":false},"categories":[140,141,11,138,20,151,1,150],"tags":[],"_links":{"self":[{"href":"https:\/\/www.ctenergyratings.com\/blog\/wp-json\/wp\/v2\/posts\/357"}],"collection":[{"href":"https:\/\/www.ctenergyratings.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ctenergyratings.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ctenergyratings.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ctenergyratings.com\/blog\/wp-json\/wp\/v2\/comments?post=357"}],"version-history":[{"count":3,"href":"https:\/\/www.ctenergyratings.com\/blog\/wp-json\/wp\/v2\/posts\/357\/revisions"}],"predecessor-version":[{"id":360,"href":"https:\/\/www.ctenergyratings.com\/blog\/wp-json\/wp\/v2\/posts\/357\/revisions\/360"}],"wp:attachment":[{"href":"https:\/\/www.ctenergyratings.com\/blog\/wp-json\/wp\/v2\/media?parent=357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ctenergyratings.com\/blog\/wp-json\/wp\/v2\/categories?post=357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ctenergyratings.com\/blog\/wp-json\/wp\/v2\/tags?post=357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}