Speaker Damns Douglas Entergy Veto

submitted by Alexandra MacLean, Assistant to the Speaker

Statement from Speaker Symington and President Pro Tem Peter Shumlin on Governor Douglas’ Veto of the Decommissioning Bill By vetoing the decommissioning bill, S. 373, today, Governor Douglas chose to stand in the way of protecting Vermonters from the potential financial risk if the Entergy Corporation sells Vermont Yankee to a highly leveraged company.  With this veto Governor Douglas showed clearly that his allegiance is to a multi-billion dollar out of state corporation instead of to Vermonters.   

When Entergy bought Vermont Yankee in 2002, they agreed to accept the responsibility for the  decommissioning fund.  They are now restructuring and transferring the plant to a below-investment grade corporate shell - a move that will distance them from that responsibility.   

“Entergy is a well-run, well-capitalized corporation,” said President Pro Tem Peter Shumlin.  “If Entergy were not transferring the plant to a new, debt-ridden company, we would not need this bill.”

S.373 would have held Entergy to the promise it made upon acquisition of the plant by requiring the corporation to provide enough assets and financial guarantees to pay for restoration of the site upon the closing of Vermont Yankee.  If the decommissioning fund is inadequate at the time of sale, additional funds, a letter of credit or other guarantee from Entergy will be required.  If the fund is adequate, nothing further will be required. 

Regardless of whether the corporation that owns the plant is financially viable, S. 373 ensures that Vermonters will not be left with the clean up costs after Vermont Yankee shuts down.

“The Governor had a choice between protecting a multi-billion dollar Louisiana corporation or protecting Vermonters,” said Speaker Symington.  “By vetoing this bill, Governor Douglas chose the corporation over Vermonters.”

Comments

[B&B Ludlow]

Politicians like Governor Douglas who put corporations before people are the scourge of democracy.
These corporations know that the cost of decommissioning nuclear sites is going to be much more expensive than any of the estimates that have been put in place.