Wed 3 Jun 2015
See the thing is, like coal, Nuclear Power Plants have rich investors. They are going to wring every last penny out of those investments no matter what. If the planet suffers? So what? Who cares about our suffering?
The Exelon-Pepco Merger & Exelon’s History of Anti-Clean Energy Lobbying
Exelon has a long history of using political influence to oppose the deployment of renewable energy. Exelon’s political operations may impact the company’s ability to show that a merger with Pepco would provide a tangible benefit to customers on the criteria of conserving natural resources and preserving environmental quality – two factors that must be considered in the District of Columbia. According to the Office of the People’s Counsel, “the [Exelon-Pepco] merger is not in the public interest…as a result of Exelon’s longstanding resistance to policies promoting renewable energy.”
If approved, the Exelon-Pepco merger would empower the company to continue its anti-renewable campaign in Washington, D.C., and Maryland, negatively impact ratepayers, and hinder the growth of the renewable energy industry.
Lobbying Against the Renewable Portfolio Standard in Illinois
Exelon has routinely worked against renewable energy policies and used its financial resources and political influence to benefit the company at the expense of environmental quality and renewables. Most recently, Exelon has proposed a bill in Illinois, the Low Carbon Portfolio Standard (LCPS), that would subsidize nuclear plants that are struggling to compete with the cheap cost of electricity from natural gas plants and wind turbines. As written, the LCPS would increase rates for ratepayers, and Exelon’s nuclear plants would earn an estimated $300 million per year from low carbon credits while renewables would get almost nothing. Crain’s Chicago Business Journal documented that “Exelon long has complained that profits at its six nuclear power plants in Illinois are under pressure in part due to competition rom tax-subsidized wind farms. Exelon is backing state legislation that would create a new surcharge on most electric bills throughout the state that would funnel as much as $300 million a year to the company’s Illinois nukes.”
Go there and read. More next week.