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How Trump And Xi Killed The Oil Rally

How Trump And Xi Killed The Oil Rally

The U.S.-China trade war appears…

Three-Mile Island Nuclear Station To Shutter By September 2019

Nuclear

Pennsylvania’s Three Mile Island Generating Station will go out of production around the end of September 2019, according to parent company Exelon, because policy reforms that would have allowed the nuclear power plant to continue its work have yet to be passed.

Today is a difficult day, not just for the 675 talented men and women who have dedicated themselves to operating Three Mile Island safely and reliably every day, but also for their families, the communities and customers who depend on this plant to produce clean energy and support local jobs,” said Chris Crane, Exelon president and CEO. “Like New York and Illinois before it, the Commonwealth has an opportunity to take a leadership role by implementing a policy solution to preserve its nuclear energy facilities and the clean, reliable energy and good-paying jobs they provide.”

The company will pay $65-110 million in charges this year for prematurely closing down the plant and will accelerate $1-1.1 billion in depreciation and amortization costs to correspond with the project’s new end date. Exelon estimates that 1,500 workers will be effected by the outage.

A press release claims that the loss of the plant will increase pollution in Pennsylvania, jeopardize power flow to the electric grid, and damage the state’s economy. The station’s annual tax obligations to state authorities total $1 million.

“We are committed to working with all stakeholders to secure Pennsylvania’s energy future, and will do all we can to support the community, the employees and their families during this difficult period,” Crane added.

On 28 March 1979, America experienced a partial meltdown of the reactor core at the TMI facility. More than 100,000 local residents, mostly children and pregnant women, fled the area after several water-coolant pumps failed on the TMI-2 reactor, which, even though it shut itself down eight seconds later, its core temperature continued to rise because valves controlling the emergency cooling water were stuck closed. The TMI-2 reactor was eventually entombed in concrete, and TMI-1 was restarted in 1986.

By Zainab Calcuttawala for Oilprice.com

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