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eper_11

eper_11

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Published by Celeste Katz

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Published by: Celeste Katz on Sep 18, 2012
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09/18/2012

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Jata A. Lr
President
Continental Economics, Inc.
The economicimpAcTs of cLosing AndRepLAcing The indiAnpoinT eneRgy cenTeR
   P  u   b   l   i  s   h  e   d   b  y   M  a  n   h  a   t   t  a  n   I  n  s   t   i   t  u   t  e
PC
E
CENTER FOR ENERGY POLICY AND THE ENVIRONMENT
AT THE MANHATTAN INSTITUTE
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The Economic Impacts of Closing and Replacing the Indian Point Energy Center
E
xEcutivE
 S
ummary 
Located some 40 miles north o New York City, in Westchester County, the Indian Point Energy Center (IPEC) consistso two operating nuclear reactors, with a combined generating capacity o over 2,000 MW, and one long-retiredreactor. IPEC’s size and location are the key actors in both the power it provides and the decades-long ght to shut-ter the plant permanently.Although antinuclear sentiment is not new, opposition to IPEC’s continued operation was galvanized by the September11, 2001, attacks on the World Trade Center. More recently, the March 2011 earthquake and subsequent tsunamithat destroyed Japan’s Fukushima Dai-ichi nuclear plant complex has reinvigorated the debate over IPEC’s saety andits environmental impacts.Because IPEC provides signicant quantities o round-the-clock electricity to the New York City area and because olong-standing constraints that limit how much electricity can be imported rom upstate New York, New England,New Jersey, and elsewhere, closing IPEC would require the development o higher-cost alternatives. These alterna-tives include: building new natural gas–red generating plants in southeastern New York (SENY); building additionalhigh-voltage transmission lines into SENY to increase the quantities o electricity that can be imported into the area;building renewable generation, such as wind and solar resources; implementing more aggressive energy-conserva-tion measures; or combinations o all our approaches.This paper examines the economic consequences o closing IPEC. Specically, we consider the broader economicimpacts o shutting down the plant and replacing its electricity-generating capacity. We evaluate how the resultinghigher electric costs will maniest themselves in reduced economic growth and job losses throughout the state.We conclude that closing IPEC would increase average annual electric expenditures in New York State by $1.5 bil-lion–$2.2 billion over the 15-year period 2016–30. For a typical residential customer, this would mean an increasein the household electric bill o $76–$112 each year. The average increase or a commercial customer would be$772–$1,132 per year. The average increase in industrial customers’ electric bills would be $16,716–$24,517. Thelargest increase would be or transportation customers, such as the subway system, which would see increases o$1.26–$1.85 million per year.The eects o these higher electricity costs absorbed by customers would ripple through the New York economy,leading to estimated reductions in output o $1.8 billion–$2.7 billion per year over the 15-year period 2016–30. Theresulting loss o jobs in the state could range rom 26,000 to 40,000 per year, depending on the alternative chosento replace IPEC.

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