02 Aug Unhappy Anniversary
Press Release: Bailout has cost NY $163 million so far; new analysis shows Gov should change course
NEW YORKERS HAVE PAID OVER $162.9 MILLION FOR CUOMO ADMINISTRATION’S BAILOUT SO FAR — BUT NEW ANALYSIS SHOWS GOV SHOULD CHANGE COURSE
Will he choose a cheaper, cleaner option with NO BAILOUT?
ALBANY, NY – Concerned New Yorkers, including members of the Stop the Cuomo Tax campaign, gathered in Albany on Tuesday to mark the one-year anniversary of the vote to foist Gov. Cuomo’s nuclear bailout on New Yorkers. The campaign released new figures showing the financial impact on ratepayers, including residents, the cash-strapped MTA, New York City’s public housing system and healthcare facilities. Full numbers below.
In addition, Food & Water Watch and New York Public Interest Research Group (NYPIRG) sent Gov. Cuomo a letter asking him to reconsider the bailout in light of a new analysis from Amory B. Lovins, the acclaimed energy expert and physicist. The analysis, released earlier this month, found that bailouts like the kind the governor pushed here in New York are unnecessary if policymakers instead closed the unprofitable nuclear plants and reinvested their operating costs into energy efficiency, such as better insulation, windows and appliances.
The letter, which was delivered to Cuomo’s office on Monday, said the analysis shows that, “subsidizing costly, uncompetitive nuclear plants is not the most efficient or cheapest way to reduce emissions. In fact, reinvesting nuclear plant operating costs into energy efficiency can both replace the power from the nuclear plant and displace power generated by fossil fuels, all without charging ratepayers an extra dime.”
A full copy of the letter is available here. The analysis is expected to be published shortly in Electricity Journal.
The first two years of the bailout are estimated to cost $964.9 million, which averages out to $1.3 million per day. Given that, Stop the Cuomo Tax estimated the bailout has cost residential ratepayers $162.9 million since it hit utility bills on April 1, 2017. Using figures from an analysis conducted by the Public Utility Law Project (PULP), the campaign also estimated the costs paid thus far by residential ratepayers across utility region and by public institutions. Full breakdown below.
Estimated costs for residential ratepayers by utility region:
- Central Hudson – $1.9 million
- Con Edison – $15 million
- Long Island Power Authority – $10.6 million
- Niagara Mohawk – $9.9 million
- NYSEG – $7.3 million
- Orange & Rockland – $1.8 million
- Rochester Gas & Electric – $2.9 million
Estimated costs for public institutions:
- MTA – up to $2.3 million
- NYCHA – up to $348,106
- Port Authority – up to $290,065
- New York school districts – up to $7.8 million
- New York’s 30 largest healthcare systems – up to $11.2 million
- New York counties – up to $3 million
- New York cities – up to $6.7 million
- New York towns – up to $903,427
- New York villages – up to $371,812
Blair Horner, a leader in Stop the Cuomo Tax and the Executive Director of the New York Public Interest Research Group, said, “It’s been a year since the bailout was forced on New Yorkers and we still have more questions than answers, which is unacceptable for a policy costing us $7.6 billion. What we do know is the bailout is costing us far too much, and as the new Lovins research shows us, there is another path forward. It’s not too late for Gov. Cuomo to reverse course and end this bailout. Let’s hope he’s listening.”
Alex Beauchamp, Northeast Region Director of Food & Water Watch and a leader in Stop the Cuomo Tax, said, “Cuomo must listen to the research and invest in 21st-century technologies that are cheaper for New Yorkers and better for our climate. This has gone on too long. I don’t understand the holdup, especially since Cuomo claims to be a leader in the fight against climate change. Why won’t he use every tool at his disposal to move the state to 100% renewable energy?”
Maria Alvarez, Executive Director, NY StateWide Senior Action Council, said, “We are concerned about the impact of the bailout on low-income New Yorkers already struggling to pay their utility costs. Many of those people are older New Yorkers living on the edge of poverty. A further tax on their utility bills will be difficult to absorb into Social Security and pension incomes not keeping pace with cost of living increases, including higher health insurance and prescription drug costs, as well as rising food, housing, and transportation costs.”
Bob Cohen, Policy Director of Citizen Action of New York, said, “The heart of our mission at Citizen Action is taking on big issues that affect all of our society – and Cuomo’s bailout clearly hurts everyone. Our schools, hospitals and municipalities shouldn’t be paying higher utility bills to bankroll this bailout when there is a better path forward for the environment and our communities.”
Diana Wright, Facilitator at the People of Albany United for Safe Energy (PAUSE), said, “Propping up aging nuclear power plants never seemed like a good idea, but now we have analysis showing this bailout is not helping us achieve our climate goals and costing us billions. It just gets worse the more we learn. Cuomo needs to do the right thing, and invest in energy efficiency, which is cheaper and will help us reduce emissions more quickly.”
Download the Press Release here: