AIV statement supports Vermont Yankee's suit against the state of Vermont

Associated Industries of Vermont Vice President William Driscoll issued the following statement Tuesday regarding Entergy Vermont Yankee's US District Court suit against the state of Vermont. Entergy is seeking to operate the Vernon nuclear plant until 2032, 20 years beyond its license expiration in March 2012. It recently received such approval from the Nuclear Regulatory Commission. It is challenging in court the state's insistence that Entergy receive approval from the Vermont Legislature. AIV is the state's largest manufacturers' association.
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Associated Industries of Vermont Vice President William Driscoll, April 18, 2011:
"We have always had two fundamental goals and interests in the fate of Vermont Yankee, directly tied to our economy and the welfare of working Vermonters and their families.
"The first has been to see Vermont Yankee continue to operate for another 20 years. Yankee is one of the largest and most economically important employers in Vermont, not only for the state as a whole but especially for the southeast region. It is also critical to the stability and affordability of our regional electric grid.
"The second, and of greatest importance, has been to have the most affordable power agreements possible with Vermont utilities. Compared to the states around the country against which we compete, Vermont has very high electricity costs. The most recent publicly known terms offered by Yankee started at 4.9 cents a Kwh, with the price then tied slightly below a rolling average of the wholesale market but capped at an inflation-adjusted price of no more than 6.1 cents. There do not appear to be any realistic alternative sources of power for the next 20 years that can meaningfully compete with what Vermont Yankee has offered our utilities in price, reliability, and volume.
"It has been a failure of leadership and responsibility on the part of the Administration and legislative leaders that this issue has come to this point. The legislative interference with the Public Service Board doing its job in deciding on Vermont Yankee's future has undermined the credibility of our regulatory system. Unfortunately, with the Legislature and the Governor blocking any decision on the part of the Public Service Board, Vermont Yankee would seem to have had little other choice than to take the action that they have.
"If the Governor and legislative leaders do not now take responsibility for finding some sort of positive resolution of this issue with Vermont Yankee, they will ultimately be responsible for the harmful economic consequences that will result from the plant either shutting down or continuing to operate without favorable power contracts with our utilities."
Source: AIV. 4.18.2011