THE ISSUE

Earlier this year, Governor Cuomo and the New York State Public Service Commission announced a plan to charge the state’s energy ratepayers extra on their monthly bills to fund the struggling operations of four upstate nuclear power plants. This bailout is expected to cost as much as $7.6 billion in the next 12 years—the single largest government payment made to a single corporation in the state’s history.

The deal was struck and announced with little input to the public, and relies on state interference in the federally-regulated wholesale energy market. Environmental groups, business advocates and ratepayers alike have already come out and condemned the subsidy as a bad deal for New Yorkers.

THE COST TO ENERGY INNOVATION

This subsidy will make it cheaper for these select nuclear plants to operate, allowing them to get away with paying less and giving them an artificial competitive advantage over other power producers. This means that green energy generators, such as wind and solar, are going to be driven out of the market, costing New York opportunities to reduce its carbon footprint.

AN UNFAIR DEAL FOR THE RATEPAYERS

Exelon has said it will take the higher profits on its New York power plants, created by the subsidy deal, and invest them in its utilities in other states, not in New York.  This proves its primary interest is not supporting New York jobs or giving back to the state in exchange for this massive, unprecedented bailout,  but to have New York consumers finance utility spending in other states.

This out-of-state company is going to see its Upstate operations subsidized on the ratepayers’ dime, all thanks to a backroom deal negotiated without the full input of the people who will have to cover the costs through higher rates on their electric bills.  Exelon shouldn’t be allowed to take over $7 billion from New York’s energy consumers , and no company should be allowed to enjoy the biggest bailout in the state’s history if they’re not committed to investing the higher profits from ratepayer subsidies back into their New York operations.

WHO WE ARE

The New Yorkers for Fair Energy coalition is a group of concerned New Yorkers — ranging from energy providers to environmentalists — who don’t want New Yorkers to bear the burden of a bad energy bill which will leave far too many with inflated energy costs to help pay off an unnecessary and illegal subsidy. New Yorkers deserve fair and forward-thinking energy policy, without the burden of supporting ill-conceived and illegal corporate bailouts. Join us!