We’ve already bailed out Three Mile Island twice. The third time isn’t a charm
It wasn’t that long ago that Pennsylvania policymakers proclaimed that the market is best suited to determine which energy technologies should move Pennsylvania forward.
Remember when nuclear power generators embraced the marketplace and were betrothed to electric deregulation after they received a $9 billion engagement ring?
Now two nuclear corporations, Exelon and FirstEnergy, are suing ratepayers for a divorce.
Hold on to your wallets.
Turns out that a handful of politicians and their donors know what’s best for Pennsylvania ratepayers. Alimony is going to be in the billions.
Welcome to this century’s version of corporate socialism. In September 1974, Three Mile Island Unit 1 became operational.
But it was behind schedule and over budget. Four years later, in December 1978, Three Mile Island Unit 2 came online: three times over budget and five years behind schedule.
No private equity was invested in the construction of TMI. Only cost overruns and delays….