Citizen’s Awareness Network (CAN), Nuclear Information and Resource Service (NIRS), the Connecticut Coalition Against Millstone (CCAM) and Environmental Advocates will oppose the proposed sale of Vermont Yankee Nuclear power station to the controversial AmerGen, a multinational corporation comprised of British Energy and PECO. The sale has been the subject of negotiations between Vermont Yankee’s owners and AmerGen since February. Notorious for attempting to buy aging and embrittled nukes at bargain basement prices, these corporations profit their shareholders at the expense of public health and safety through downsizing and out-sourcing essential work to contractors.
Through the deregulation of the nuclear utility markets and ratepayer subsidization of the nuclear utilities’ bad debts, mega corporations are emerging to acquire aging and embrittled nukes and join with other poor performers to control the energy production market in America and Canada. This is a dangerous shell game in which AmerGen is paying 10 cents on the dollar or less for reactors that instead should be shut down. Current trends show AmerGen and PECO will acquire 20% of America’s nuclear generating capacity within the year.
A recent report from Britain’s Nuclear Installations Inspectorate, released by Friends of the Earth in U.K. demonstrate a corporate culture at British Energy dedicated to cutting corners to pay shareholders by firing its skilled workers, cutting back on maintenance, overworking the remaining workers, and marginalizing safety.
The corporations are intent on acquiring these nukes without paying corporate gains taxes on decommissioning trust funds that they acquire with each reactor. These funds, ranging from $250-500 million, have been paid into by ratepayers in an effort to ensure the eventual clean up of reactor sites. AmerGen intends to gamble that it can make a profit from cutting corners on reactor operation and a dirty decommissioning process, grabbing decommissioning trust fund monies for its shareholders rather than returning these monies to the ratepayers. It is uncertain whether the sale of American reactors can proceed without a favorable (to AmerGen) ruling by the Internal Revenue Service.
Before final closing, the deal will require numerous regulatory approvals including the Federal Energy Regulating Commission, the Nuclear Regulatory Commission, the Securities and Exchange Commission, and the Vermont Public Service Board. CAN and NIRS believe that AmerGen will gamble with the health and safety of its workers as well as reactor communities. Determined to oppose sales of nuclear power stations to holding companies, CAN and NIRS vow to utilize all available means to stop the sale of Vermont Yankee and other Northeast reactors and intend to bring the dangers of these transactions to the attention of the public, the press, and Congress. The environmental groups intend to intervene in NRC hearings including the NRC transfer of license approval process as well as other governmental avenues. The groups may engage in potential lawsuits to stop these burgeoning monopolies risking the well being of local communities for short-term profit.
“The safety, economic and antitrust implications of AmerGen’s atomic buying spree are staggering,” said Michael Mariotte, Executive Director of Washington’s Nuclear Information and Resource Service (NIRS). “We intend to take them to the mat on this, whenever we can before governmental and judicial bodies. They may think they are buying Vermont Yankee for $23 million, Oyster Creek for $10 million, and so on, but what they’re really buying is tens of millions of dollars in legal fees to defend an indefensible position and years of delay before their license transfers fail.”
“We predict that AmerGen will never successfully operate Vermont Yankee”, said Deb Katz Executive Director of Citizens Awareness Network, “and we suggest that they save everyone a lot time and resources by withdrawing their purchase offer and leaving Vermont now. The American people don’t want more subsidies for the nuclear industry. They want non-polluting alternatives that don’t create more rad waste or jeopardize anyone’s health and safety. They certainly don’t want a corporation that makes money by firing workers and marginalizing safety. A skilled work force is our first line of defense!”
PECO currently operates four nuclear reactors and is attempting to merge with Illinois’ Unicom, which operates ten reactors and has two more set to undergo decommissioning. Meanwhile, through its AmerGen partnership with British Energy, it has offered to purchase six aging U.S. reactors; Vermont Yankee, Oyster Creek, Nine Miles Point-1 and 2, Clinton, and Three Mile Island-1. Through its CanaGen partnership with British Energy, it is considering the purchase of two Atomic Energy of Canada’s troubled Bruce reactors. British Energy itself owns and operates 11 reactors in the U.K.
“To think that these corporations are going to make a profit from the decommissioning funds is an indication that the reactor sites will not be cleaned as thoroughly as they should be. According to a report early this year by the General Accounting Office the decommissioning fund is grossly underestimated. The only way these profit driven corporations can make a profit on decommissioning is to litter this country with recycled radioactive waste and to leave the site as contaminated as they possibly can,” said Sal Mangiali Board member of CAN.
“A most serious concern is the prospect that these corporate combines can, and very likely will, attempt to yoke the American people with a new generation of nukes, perpetuating the catastrophic financial and environmental consequences of the current situation,” said Fred Katz, President of CAN.
“The days of exploitation of our community and our environment by the nuclear industry are over,” said Nancy Burton attorney for the CT Coalition Against Millstone. “Connecticut CAM will use all lawful means to block the sale of the Millstone complex and will not stop until they are permanently shut.”
“AmerGen would like the people of Vermont to believe they are re-envisioning the nuclear industry, bringing them cleaner, safer, more economical nuclear power. In reality, this is a desperate attempt by nuclear generators to circle the wagons, consolidate resources, cut costs, and extract profits from an industry that has failed to deliver on its promise of cheap energy, failed to provide a solution to the problem of nuclear waste and cannot successfully compete in a competitive power market.” said Kyle Rabin, Air and Energy program associate at Environmental Advocates involved in a similar process in NYS with regards to the proposed sale of Nine Mile Point 1 and 2.