Protecting Millstone, state’s primary electric provider
As Connecticut residents, we pay the highest retail electricity rates in the continental United States. A bill before the state legislature could change that, but there are special interest groups in our state that want to keep things as they are. They want us to keep paying unreasonably high rates in order to preserve their own profitability. That’s why they oppose Senate Bill 106.
The proposed legislation would allow Dominion Energy, the owners of the Millstone nuclear power plant in Waterford, to bid in a state-sponsored auction to sell electricity produced at our plant directly to consumers. Under the current process most of the power produced by Millstone is bought first by energy dealers (Hedge Fund managers) and then sold back into the regional energy market, increasing the price we pay in our monthly electric bill.
Allowing Millstone to participate in the state-sponsored auction would lead to lower prices, because to win approval, the winning bidder will have to offer its power at the lowest price possible.
There are consumer protections built into the legislation. Winning bids are only chosen if they are approved by the Department of Energy and Environmental Protection, the Office of Consumer Counsel, the Office of the Attorney General and the Public Utility Regulatory Authority. All four need to agree that an offer is “in the best interest of consumers.” If Dominion does not meet that standard, its bid for Millstone’s power will be rejected.
Senate Bill 106 requires no use of taxpayer money or other forms of ratepayer support. It’s not a “bail out.” The only thing the bill does is allow for an auction to seek the lowest price possible on behalf of Connecticut electricity customers. There is no risk to consumers. There is no subsidy to the power industry by taxpayers. From a consumer perspective, from my point of view, there is no risk.
Read full article at The Day