Report: Yankee Sale Bad Deal
Monday, December 20, 1999
(VERNON) -- An attorney for the Conservation Law Foundation says the proposal to sell the Vermont Yankee nuclear power plant in Vernon to AmerGen Energy Company looks like a bad deal for the ratepayers of Vermont. According to the "Rutland Herald", the deal involves selling the 27-year-old reactor for 23-point-five Million dollars, but the utilities that buy power from the generator have to sweeten the pot by paying 54-Million dollars into the plant's decommissioning trust fund. The newspaper says they must also pay off the plant's 75-Million mortgage and agree to buy power from the new owner for the next 12 years at above normal rates. A spokesman for the Foundation says analysis of the deal shows it would keep Vermont electric rates the highest in the country for years to come.