Closing a nuclear power plant has obvious repercussions to well-paid workers, supply industry revenue, power generation and corporate cash flow. But it can be looked at through a wide-angled lens or a lens that focuses on local matters, spelling out devastation for the communities affected by decisions made by officials who work many miles away from those communities.
Indirectly and directly, the federal policies can make or break an industry. But those who suffer setbacks when a plant closes often live down the street, over the next hill or just around the corner from the plant itself.
Plans to close the Indian Point nuclear power plant north of New York City was reviewed by Forbes magazine using a magnifying glass that looked at the impact on the local community. Here's what they found:
The plant's 2,000 megawatt capacity will be gone in five years, which erases 25 percent of the electricity demand represented by New York City and Westchester County. Along with that loss, 1,200 permanent job and the hundreds of high-paying contracts that come with maintenance outages and special projects will be lost. Of course, that affects the region's hotels, restaurants, gas stations and movie theaters that see revenue bumps when those hundreds of well-paid workers come to town.
The local school district – the Hendrick Hudson School District, to be precise – receives 33 percent of its local tax revenue from Indian Point. According to the New York State Comptroller's Office, the state's school receive an average of 64.1 percent from local taxes, the rest from state aid and fees.
The local village – that would be the Village of Buchanan – will lose 46 percent of its revenue; the local library – Henrick Hudson Free Library – stands to lose 28 percent of its revenue. The local fire district – Verplanck Fire District – will lose 64 percent of its revenue. Westchester County, well known for its pockets of wealth, will lose 1 percent, the Town of Cortlandt 2 percent, according to Forbes.
Once the plant closes, there will be a 248-acre property in limbo. Some of those acres will be in deeper limbo than others. About 100 acres are considered part of the plant's operations, while 148 acres can be rolled into the local market right away, ready for development. But some of that land used by the plant includes land dedicated to long-term storage of spent fuel. Without a federal repository, no once can say how long that will be.
Entergy, which owns the plant, agreed to close Indian Point in five years. Many factors went into the decision to close it down, including pressure from the governor's office, due to the belief that the plant, 24 miles north of New York City, was too close to a major population center for comfort, given the potential problems associated with a massive evacuation should a major accident occur.