Illinois nuclear plants at risk of early closure
Two Exelon nuclear power plants in Illinois are facing closure if sufficient legislation is not passed during the spring session of the Illinois legislature ending on May 31.
Exelon is currently the largest producer of nuclear power in the U.S. with 17 operating reactors, but low natural gas prices in recent years have diminished the industry’s anticipated growth, causing many nuclear plants to sustain significant losses. Between Quad Cities and Clinton, the two sites currently under consideration for closure, Exelon has lost more than $800 million over the past six years. A 2014 report by the Financial Times flagged both Quad Cities and Clinton as nuclear plants that were suffering economic losses on a scale that could jeopardize their continued operation.
“Despite being two of Exelon’s highest-performing plants, Clinton and Quad Cities have been experiencing significant losses,” Exelon President and Chief Executive Officer Christopher Crane said. “Without adequate legislation, we no longer see path to profitability and can no longer sustain the ongoing losses.”
Illinois ranks fourth among U.S. states in nuclear power production as a percentage of electricity generated, and the closure of two of the state’s six nuclear plants would have a serious impact on Illinois’ economy.
“Closing Clinton and Quad Cities not only would place the state’s clean-air goals in jeopardy, but also would likely cause long-term [electricity grid] reliability challenges,” NEI President and CEO Marvin Fertel said.
In the absence of adequate legislation, Clinton would close in June 2017 and Quad Cities in June 2018, resulting in a loss of 4,300 jobs.
