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New York nuclear power plant subsidies upheld, judge says

Published 07/26/2017, 10:38 AM
Updated 07/26/2017, 10:38 AM
© Reuters.  New York nuclear power plant subsidies upheld, judge says
  • A federal judge yesterday dismissed a lawsuit by energy companies and trade groups to stop New York Gov. Cuomo from providing billions of dollars in subsidies to prop up struggling nuclear power plants in the state.
  • The judge rejected claims that federal law did not allow New York and its Public Service Commission to offer credits to promote clean energy and reduce reliance on fossil-fueled or gas plants.
  • Seven plaintiffs had challenged the credits, including Dynegy (DYN +0.6%) and NRG Energy (NRG +0.1%); nuclear generators receiving the credits and their owners, including Exelon (EXC +0.8%), sided with the governor and the PSC.
  • One of the plaintiffs signaled a possible appeal, saying the PSC "failed ratepayers last year when it instituted a $7.6 billion bailout for uneconomic nuclear plants with almost no public input."
  • Now read: Valuation Dashboard: Utilities - Update


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