House passed S. 373, “Full Funding of Decommissioning Costs of a Nuclear Plant.”

first_imgStatement by Speaker Symington Regarding the Passage of S. 373, “Full Funding of Decommissioning Costs of a Nuclear Plant.”Today the House passed S. 373, “Full Funding of Decommissioning Costs of a Nuclear Plant.” This bill will protect Vermonters from a potential financial risk if the Entergy Corporation sells Vermont Yankee to a highly leveraged company, NewCo.The provisions of S. 373 are straightforward. It requires that if Vermont Yankee is sold, the Public Service Board (PSB) must determine that its decommissioning fund has enough assets and financial guarantees to pay for immediate restoration of the site upon closing of Vermont Yankee. If the fund currently is adequate, the PSB will require nothing further. If the fund is inadequate, the deficiency can be alleviated by either adding funds or supplying a letter of credit or other guarantee.When decommissioning does occur, S. 373 assures that the fund will be adequate to cover all costs, regardless of whether the corporation that owns the plant is financially strong or not. S. 373 ensures that Vermonters will not be saddled with the responsibility for clean up costs at Vermont Yankee. When Vermont Yankee was built Vermonters were told that its decommissioning would be fully paid for. This bill ensures that this promise will be kept.last_img