The U.S. energy secretary defended his plan to reward nuclear plants with incentives against criticism it would manipulate markets by telling a congressional hearing on Thursday that a strong domestic nuclear industry boosted national security.
Rick Perry pushed the Federal Energy Regulatory Commission on Sept. 29 to issue a rule within 60 days that would reward aging nuclear and coal-fired power plants that store 90 days of fuel on site. He has said those plants should be supported for their ability to boost the reliability of the U.S. power grid.
Many U.S. representatives at the hearing, including Democrat Frank Pallone, said the plan favored aging industries, killed free markets and would saddle consumers with higher power bills. One lawmaker pointed to a study by ICF Consulting that said power bills could rise $800 million to $3.2 billion annually if FERC issued Perry’s plan. Read More…
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