The benefits include nearly $9 billion of annual economic stimulus and almost 28,000 direct and secondary jobs across the state.
The 11 reactors at the six highly efficient power stations together produce nearly half of Illinois’ electricity and about 90 percent of the state’s carbon-free generation.
"Illinois is fortunate to have such a workhorse for the state’s economy, environment and energy reliability," NEI Vice President for Policy Development Richard Myers said. "These nuclear assets have been delivering value to Illinois consumers for decades and they should never be taken for granted."
The report, "The Impact of Exelon’s Nuclear Fleet on the Illinois Economy," includes an analysis of the serious consequences that would ensue if three of the six Illinois nuclear plants were to retire prematurely as a result of their key attributes not being properly valued in the electricity market.
In 2016 alone, the early retirement of five reactors at the Byron, Clinton and Quad Cities nuclear energy facilities would result in an initial loss of nearly $4 billion of direct and indirect economic output in Illinois.
The losses would increase each year thereafter, reaching almost $5 billion by 2030. The number of direct and secondary jobs lost in Illinois would increase over a five-year period to more than 13,000.
"The data clearly show that taking Illinois nuclear energy facilities out of the equation amounts to a serious threat to the Illinois economy," Myers said. "The profoundly negative impacts would not just occur in the plant communities, but across the state."
The report comes at a time when Illinois nuclear energy facilities are facing significant economic challenges stemming from low natural gas prices, low growth in the regional economy and electricity demand, and energy policies and market rules that do not properly value nuclear energy for its many benefits. These benefits include reliability, prevention of carbon dioxide, nitrogen oxide and sulfur dioxide emissions, price stability, and more.
At the end of this year, the Vermont Yankee reactor will close after decades of operation, and approximately 600 employees will lose their jobs.
In 2013, similar economic challenges forced the premature closure of the Kewaunee nuclear facility in Wisconsin, putting another 600 employees out of work.
Nuclear energy provides Illinois with enough electricity to supply 7 million residents, three times the population of Chicago. The plants produce 90 percent of Illinois’ carbon-free electricity, annually preventing the carbon emissions of more than 15 million passenger cars.
This past winter, nuclear energy’s reliability benefits became clear when the polar vortex struck Illinois. Nuclear energy was the predominant 24/7 electricity source available during that period because nuclear power plants have months, if not years, of fuel safely contained in the reactor and are designed to withstand extreme weather conditions.
Other energy sources were unable to operate because the cold weather affected their operation — in a number of situations they could not obtain fuel to operate the plants.
"Illinois generates the fifth-highest amount of electricity in the United States, but also ranks sixth in carbon emissions. Looking to the future, Illinois residents will need more reliable, 24/7 power, but they will also want cleaner air. With nuclear energy, they can have both," Myers said.
