Kevin Barlow reports that the Future Energy Jobs Act provided $235 million in ratepayer subsidies annually to Exelon Corp. to keep the power stations near Clinton and the Quad-Cities running for at least another 10 years. “We are here to celebrate,” he told employees at the plant. “This is one of the great economic engines for the entire state of Illinois. You are the best engineers and the best energy-generating professionals anywhere in the United States of America.”
In June 2016, Exelon announced plans to close the Clinton Power Station in June 2017 and Cordova Power Station in June 2018 because the plants racked up losses of about $800 million in the previous seven years. Thanks to the legislation Rauner signed Dec. 7, 2016, at Clinton High School, the plants now enjoy energy subsidies previously offered to solar, wind and other carbon-free sources of power.
“We are going to have many more birthdays for the rebirth of this facility,” he said. “This creates economic prosperity for the people of Illinois. This creates great careers for the people of Illinois, a better quality of life and a lower cost of living for the people of this great state.” The Clinton plant employs about 700 people and generates at $15 million per year in property tax revenue. The bill was not without its critics, however.
They contended that the bill would mean greater uncertainty for electricity customers across the state, from large manufacturers to individual families, who will pay for the $235 million in annual subsidies for unprofitable assets of an otherwise profitable company. Exelon said the subsidies are warranted because, like subsidized wind and solar power, nuclear generation doesn’t emit climate-damaging carbon pollution.
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