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If the Vermont Yankee plant needs an overhaul of its entire crumbling cooling system, who do you think will pay for that?
I ask because, in New York, the governor is demanding an answer to the "who buys a new cooling system?" question, and he is asking it regarding the two Indian Point Nuclear Power Plants that are owned by Entergy (and are, like Vermont Yankee, targeted for spinoff to Enexus). According to today's New York Times, if the Indian Point plants become the property of Enexus:
Entergy could ... be insulated from more than $1 billion in costs related to a potential overhaul of the cooling system at Indian Point.
God, back when Entergy bought the Vermont Yankee plant, the answer to a question about who pays for a new cooling system for it would have been "Entergy." This year, though, Entergy is arguing that it doesn't own the plant. Logically, this suggests that this year's answer would be "Entergy Nuclear Vermont Yankee, never mind that it's a wholly owned subsidiary." By 2009, if the spinoff of assets to Enexus is approved, the answer would be "Enexus," only there is no evidence that I know of that Enexus has an extra billion dollars lying around. Neither (I'm guessing) could it borrow a billion dollars, given the newly disastrous state of the credit market. If the cooling system could not be replaced, the plant might have to be shut down, which means the state of Vermont would be looking at an extraordinarily dangerous asset that it would need to guard and decontaminate, pretty much all on its own.
Yes, by saying "all on its own" I may be exaggerating. Surely there is some money left in the Decommissioning Fund after this week's stock market roller coaster. How much, Lord? I ask because I believe that this is the kind of question your omniscience is supposed to be good for.
And I ask because, with all of the cooling tower problems we have had since August of 2007, I'm increasingly worried about the integrity of the entire cooling system seems. So, apparently, is the Department of Public Service.
Note to self: This week's two videotaped statements (this one and that one) have gone over great gonzos. Soon I should prepare a videotaped statement on the subject of "who pays for a new cooling system" but I shouldn't use it--not yet. My sole task should be to get everyone to think about Sarah Palin. I'll keep them in blissful ignorance about the obvious probability of deep, possibly disastrous decay until after the spinoff to Enexus.Amen,
Fake-Rob
2 comments:
Enexus has been pledged $4 billion in loans, and a line of credit in perpetuity from Entergy. Enexus is, after all, an Entergy creation.
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