GINNA Avoids Shutdown

ROCHESTER, NY, FEB 17, 2015 - R.E. GINNA nuclear power plant has reached a deal with Rochester Gas and Electric (RG&E) to continue providing power to the local area for another 3 1/2 years on a revised fee structure pending approval from the NYS Commission.

Since its acquistion of Constellation Energy in 2012, GINNA owners, Exelon (NYSE: EXC) have reported loss income of $100 million over the past three years due to an existing 10 year old purchase agreement and competition from cheaper energy alternatives such as natural gas. This old deal expired this past year and Exleon quips if a new improved purchase agreement cannot be met, it would consider closing the plant to avoid losing money in a competitive energy market.

GINNA is one of the oldest nuclear power plants still in operation since 1970. It employs over 700 people and is Wayne County's largest property tax payer. The plant is one of four owned by Exelon that is in danger of being shutdown. Exelon is the largest operator of nuclear reactors in the US.

 

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