Printer Friendly

CONSUMERS POWER NUCLEAR PLANT DECOMMISSIONING

 CONSUMERS POWER NUCLEAR PLANT DECOMMISSIONING
 JACKSON, Mich., Nov. 20 /PRNewswire/ -- The Michigan Public Service


Commission (MPSC) today approved a settlement agreement increasing Consumers Power Company's electric rates by $36 million annually, or about 1.9 percent, to fully fund decommissioning of the utility's Big Rock Point and Palisades nuclear plants.
 The surcharge approved today by the MPSC was earlier agreed to by the utility, the Residential Ratepayer Consortium and the MPSC staff. The Michigan attorney general had intervened in the case but subsequently withdrew the intervention. The Association of Businesses Advocating Tariff Equity has filed a statement of non-opposition to the agreement.
 The annual collection for Big Rock Point will be raised from $3.7 million to $19.3 million per year; the provision for Palisades will be increased to $25.4 million from $4.9 million annually. Revenues from the surcharges will be placed in trust funds until they are needed to pay for decommissioning of the two nuclear plants. Big Rock Point's operating license expires in the year 2000; Palisades' license expires in 2007.
 The typical residential electric customer using 500 kilowatt-hours of electricity per month will pay an additional 65 cents on the monthly bill toward decommissioning of the nuclear plants. The increase will take effect on Dec. 1, 1991.
 More than one-third of the increased cost results from the sharply increased expense of low-level radioactive waste disposal. In 1983, the disposal cost was about $13 per cubic foot. Today, it is more than $300 per cubic foot. Another large part of the increase results from the anticipated cost of storing spent nuclear fuel on site -- reflecting the likelihood that on-site storage will be necessary while the federal government continues to develop a permanent disposal facility.
 "This decommissioning fund, which is one of the best in the nation, ensures that adequate funding will be available to pay for the complete restoration of the property now occupied by our two nuclear plants," said David P. Hoffman, Consumers Power's vice president of nuclear operations.
 Consumers Power Company, the principal subsidiary of CMS Energy Corporation (NYSE: CMS), is Michigan's largest utility serving almost 6 million of the state's 9 million residents in 67 of the 68 Lower Peninsula counties.
 -0- 11/20/91
 /CONTACT: Charles MacInnis of Consumers Power, 517-788-2396/
 (CMS) CO: Consumers Power Company; CMS Energy Corporation ST: Michigan IN: UTI SU:


ML -- DE009 -- 5393 11/20/91 11:45 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 20, 1991
Words:402
Previous Article:THERMO CARDIOSYSTEMS INC. ANNOUNCES FINAL PRORATION FACTOR FOR ITS COMMON STOCK REDEMPTION RIGHTS TENDER OFFER
Next Article:IBM INTRODUCES MULTIMEDIA SPEECHVIEWER II FOR SPEECH THERAPY
Topics:


Related Articles
CONSUMERS POWER ENGINEER NAMED 1994 NUCLEAR PROFESSIONAL OF THE YEAR
BIG ROCK POINT NUCLEAR POWER PLANT DECOMMISSIONING PLAN FILED
Maine Yankee, Entergy Nuclear Sign Long-Term Contract.
Millstone Selects Entergy Nuclear to Provide Management Services For the Decommissioning of Unit 1.
CUB Seeks to Stop ComEd From Imposing $462 Million in New Costs on Customers For Dismantling of Zion Nuclear Plant.
Kansler Named COO of Entergy Nuclear's Northeast Operations.
Entergy Buys TLG Services To Enhance Its Decommissioning Business.
Niagara Mohawk, NYSEG, Rochester Gas and Electric and Central Hudson to Sell Nine Mile Point Nuclear Assets to Constellation Nuclear in Deal Valued...
Entergy's Offer Is Likely the Best Obtainable.
Entergy Notifies Vermont Yankee Owners: 'A Deal Is a Deal'.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters