API Ohio: Lawmakers should oppose bailing out bankrupt corporations on the backs of working Ohioans
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COLUMBUS, April 12, 2019 – API Ohio Executive Director Chris Zeigler strongly criticized new legislation filed today in the Ohio House (House Bill 6) that would subsidize failing nuclear power companies at the expense of the state’s economic prosperity and working families in Ohio.
“House Bill 6 is nothing short of a taxpayer-funded bailout of failing nuclear power plants. Ohio lawmakers should be mindful of the long-term consequences of supporting a policy that will subsidize bankrupt corporations and deliberately manipulate the market to the disadvantage of all Ohioans. The United States is a global leader in reducing greenhouse gas emissions because of the increased production and use of clean-burning natural gas,” said Zeigler. “Ohio’s abundant, clean-burning and cost-effective reserves of natural gas have improved Ohio’s economy and reduced emissions, while saving consumers money. Wholesale electricity prices have decreased almost 50 percent since 2008 thanks to natural gas power generation, and this bill would deliberately distort the market and reverse these benefits to the detriment of Ohio consumers. Disguising direct payments to nuclear plant owners via legislation that claims to support all types of zero emission generation, which the legislation actually negatively impacts, reveals what this is really all about – supporting uneconomic nuclear power plants at the disadvantage to consumers.”
API Ohio is a division of API, which represents all segments of America’s oil and natural gas industry. Its more than 600 members produce, process, and distribute most of the nation’s energy. The industry supports 10.3 million U.S. jobs and is backed by a growing grassroots movement of more than 47 million Americans. API was formed in 1919 as a standards-setting organization. In its first 100 years, API has developed more than 700 standards to enhance operational and environmental safety, efficiency and sustainability.