New report details Pennsylvania nuclear plants’ positive impact on state economy
Pennsylvania’s nuclear power plants have made a large impact on the state economy, contributing nearly $2 billion to Pennsylvania’s gross domestic product and accounting for about 16,000 full-time jobs, according to a new report from The Brattle Group.
A key part of Pennsylvania’s diverse energy mix, the state’s five nuclear plants also are critical to maintaining a reliable electric grid in the state. The state’s nuclear plants participate in the competitive electricity markets of the 13-state PJM grid, the largest wholesale electricity market in the world.
“This report once again confirms the advantages of using nuclear power – reliability and efficiency, as well as serving as an important economic driver for the Commonwealth,” the Chamber of Commerce for Greater Philadelphia President and CEO Rob Wonderling said.
“Diverse energy sources such as natural gas, coal, solar, wind and nuclear power enable Pennsylvania and the country to balance the cost of electricity and availability to our advantage,” Wonderling added.
The Brattle Group report estimates the positive impact the plants have on keeping electricity prices lower by about $788 million per year. It also notes that annual state and federal tax collections from the plants total more than $400 million.
The report also highlights the value of avoided pollutants at $260 million per year over the next 10 years, in addition to avoiding 37 million tons of CO2 emissions.
“Despite having one of the largest, productive, most energy-intensive economies of any state in the country, Pennsylvania is still able to produce more power than we need due to our diverse, competitive energy portfolio of nuclear, gas, coal and renewables,” PA Chamber President and CEO Gene Barr said. “Low energy costs lead to greater economic opportunities here and entice new investors to locate and expand in our Commonwealth.”
The Pennsylvania Chamber of Business and Industry, the Chamber of Commerce for Greater Philadelphia, the Allegheny Conference on Community Development and the Pennsylvania Statewide Building Trades Council jointly highlighted the report prepared by the economics firm.
