CHICAGO, Nov. 28, 2016 /PRNewswire/ -- Without the Quad Cities and Clinton nuclear plants in Illinois, consumers would pay $364 million more annually and over $3.1 billion more over the next ten years (on a present value basis) in electricity costs. Annually, this equates to $115 million in savings for residential customers and $249 million in savings for commercial and industrial customers, according to a new study conducted by economists at global consulting firm The Brattle Group.
The study was sponsored by leading Illinois business organizations, including the Illinois Retail Merchants Association (IRMA), the Illinois Hispanic Chamber of Commerce and the Chicagoland Chamber of Commerce.
The report also finds that Quad Cities and Clinton nuclear plants:
- Avoid 15 million tons of CO2 emissions annually over the next five years, valued at $657 million per year. This is the equivalent of taking 3.2 million cars off the road.
- Avoid significant amounts of criteria pollutants annually, valued at $109 million per year over the next five years.
- Create a broader benefit to the Illinois economy. By keeping electricity prices lower, these nuclear plants leave residential, commercial, and industrial consumers with more money to spend on other goods and services, which boosts overall economic activity in Illinois, including jobs, GDP, and tax revenues.
"Today's report clearly underscores that the Quad Cities and Clinton nuclear plants ensure Illinois' significant advantage in electric competitiveness," said Rob Karr, President and CEO of the Illinois Retail Merchants Association. "The report provides further evidence that the Future Energy Jobs Bill should be enacted, as it protects jobs and competitive electric rates for businesses and consumers."
The bill would also bring a number of additional benefits to businesses in Illinois, including:
- Increasing funding for energy assessments, cash incentives for retrofits and new equipment, technical services and whole-building solutions, helping more than 60,000 medium and large businesses every year.
- Dedicating 6 percent of all efficiency funding to an emerging technology fund that powers innovation in delivering efficiency products & services, allowing Illinois to invest in the next generation of energy efficiency technology and setting the stage for future businesses to grow.
"Clearly, the Future Energy Jobs bill provides incentives that attract businesses to the state, as well as the opportunity for businesses to better compete in the global economy and reinvest in their operations," said Omar Duque, President and CEO of the Illinois Hispanic Chamber of Commerce. "The additional benefits that the bill provides, by keeping the Quad Cities and Clinton plants open, are all the more reason that policymakers should move swiftly to ensure that the Future Energy Jobs bill is enacted."
"The study conducted by the Brattle Group clearly outlines the severe cost of inaction if the Clinton and Quad Cities nuclear plants close," said Michael Reever, Vice President, Government Relations, Chicagoland Chamber of Commerce. "Businesses across the Chicagoland area continue to face a number of challenges and they can least afford the increases documented in this report. We hope Springfield can come together to keep electricity prices reasonable, which remains one of the bright spots for businesses across the state."
About The Brattle Group
The Brattle Group analyzes complex economic, finance, and regulatory questions for corporations, law firms, and governments around the world. We are distinguished by the clarity of our insights and the credibility of our experts, which include leading international academics and industry specialists. For more information, please visit www.brattle.com.
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SOURCE Illinois Retail Merchants Association