The nuclear bailout nobody's talking about
COLUMBUS -- "In February, seven months after Gov. Mike Dewine signed the $1.3 billion ratepayer bailout that mostly would subsidize two Northern Ohio nuclear plants, FirstEnergy might have gotten an even bigger break in U.S. bankruptcy court. That’s when Judge Alan M. Koschik signed off on a settlement that largely excused FirstEnergy from footing part of the bill to clean up the aging nuclear plants in Ohio and another in Pennsylvania that it had bequeathed to to its successor, now known as Energy Harbor, in the event that company goes belly up.
If the new company can’t make a go of it with the nuclear and coal plants that had been owned by FirstEnergy, taxpayers could well be on the hook for whatever part of the estimated $10 billion nuclear cleanup that Energy Harbor and a trust fund it’s required to maintain can’t.
Those are cleanups that, for financial reasons, will take 60 years — decades during which the crumbling cooling tower of the company’s Davis-Besse plant, for example, will loom over the Lake Erie shoreline in view of South Bass Island, one of Ohio’s premier tourist attractions."
-- Marty Schladen, Ohio Capital Journal