Indian Point Energy Center has a generating capacity of more than 2,000 megawatts of electricity, or approximately 25% of the electric power used in New York City and Westchester, depending on time of year and load on the grid. Indian Point provides enough power to light about 2 million homes, thousands of businesses, and hundreds of critical transportation, health and municipal systems.
It has been estimated that replacing the 2,000 megawatts would cost more than $1 billion per year in electricity costs, and would lead to electricity shortages, price spikes of as much as 40%, as well as rolling blackouts which we know would occur. We know this because there is a minimum threshold of 18% directly tied to the reliability of New York State’s electrical grid. Closing Indian Point would lower that threshold to 11%. Experts have placed a $3 billion price tag on another blackout for businesses.
Nuclear energy is a price-stable energy source. Because it is produced within the consuming region, and it is not affected by international pressures, it does not fluctuate like natural gas prices or other fossil fuels.
The Comptroller General of the United States concluded that shutting down Indian Point would cost a total of $27 billion over a 15-year period.
Locally, Indian Point Energy Center employs approximately 1,000 highly skilled, highly trained workers and approximately 150 contractors. These employees earn a payroll of $147 million annually.
Indian Point pays $75 million in annual property taxes and revenue sharing with New York State. This amount does not include the significant personal and property taxes paid by individual Entergy employees. Closing the site would mean municipalities, schools and services that depend upon the tax revenue would see a dramatic decrease in their tax collections that would have to be compensated for in other ways.