Economic Report Finds That Nuclear Power Plants Contribute Nearly $2.5 Billion to New York’s GDP and Avoid 26 Million Tons of Carbon Dioxide Emissions RSS Feed

Published: Sept 14, 2015 9:00 a.m. ET

Need to Prevent Premature Nuclear Plant Shutdowns

NEW YORK, Sep 14, 2015 (BUSINESS WIRE) — New York’s four nuclear energy plants contribute approximately $2.47 billion to the state’s gross domestic product (GDP), in addition to other economic and societal benefits, according to a new study conducted by economists at global consulting firm The Brattle Group.

The report estimates New York’s nuclear power plants’ contribution to the New York economy and to limiting greenhouse gas emissions. Combined, the state’s six reactors – Entergy’s FitzPatrick in Scriba and Indian Point 2 & 3 in Buchanan, and Exelon’s Ginna in Ontario and Nine Mile Point 1 & 2 in Scriba – provide New York households and employers with over 5,000 megawatts (MW) of emissions-free electricity and nearly 42 million megawatt hours (MWh) of annual electricity generation. The research concludes that New York’s nuclear industry accounts for about 18,000 in-state full time jobs (direct and secondary) and provides $113 million in net state tax revenues annually. Average annual carbon dioxide emissions would be about 26 million tons greater absent the generation from these nuclear plants. This is worth an additional $1.12 billion annually if valued at the U.S. government’s estimate for the social cost of carbon. The plants are typically one of the largest employers, tax payers, and charitable contributors in their respective counties.

Read the full article at MarketWatch.