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.
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.
Illinois Retail Merchants Association
Press Release dated November 28, 2016
via PRNewswire www.PRNewswire.com