GROTON, CT—The Nuclear Energy Institute (NEI) today released a study showing that the Millstone Power Station’s total economic impact in New London County over a full year was well in excess of $500 million. The nuclear power plant’s total impact on the Connecticut economy was $585 million, and more than $1.1 billon for the U.S. economy.
The plant’s total economic impact includes direct effects, which comprise the value of electricity generated at the plant, as well as indirect and induced effects, which are secondary effects resulting from plant operations.
NEI conducted the study for Millstone owner Dominion Energy, and is conducting similar studies for other companies as it seeks to update information on the economic, fiscal, community involvement and other benefits that nuclear power plants provide for their communities.
“Millstone is vital to the economy of New London County,” said NEI’s executive vice president, Angelina S. Howard, at a news conference today in Groton. “It is the largest private employer in Waterford and has an economic impact of $515 million in New London County and $585 million across the state. In addition, low-cost electricity produced at Millstone supports the state’s manufacturing and business economy.”
Millstone generates approximately one-half of Connecticut’s power and 12 percent of all of New England’s electricity needs.
David A. Christian, Dominion Energy’s senior vice president nuclear operations and chief nuclear officer, agreed. “NEI’s study reinforces what we've always known - Millstone plays a vital role in the local, state and regional economy,” Christian said.
Millstone’s economic impacts are spread over every sector of the economy. In addition to jobs, benefits to the area come through taxes, economic output, labor income, contributions to the local community and other areas. Employees of Millstone and Dominion Energy also contribute to the social services, education, environmental protection and economic development of the area, Howard said.
At the time of the study – spanning the 12 months ending March 31, 2002 – the Millstone plant employed 1,464 people, roughly one of every 100 workers in the area. These are high-quality jobs that pay salaries that are 50 percent higher than the average for the area.
The economic activity created by the Millstone plant indirectly accounted for $45 million in labor income in New London County and an additional $33 million in other areas of the state. Together, the direct and indirect labor income from the plant accounts for more than $118 million in labor income in New London County and an additional $56.5 million in other areas of Connecticut, Howard said.
Nuclear power plants operating in 31 states provide electricity to one of every five U.S. homes and businesses. Nuclear energy provides about 70 percent of the electricity generated by sources that don’t pollute the air.
The report is available on NEI’s web site, www.nei.org.
The Nuclear Energy Institute is the nuclear energy industry’s policy organization. This news release and additional information about nuclear energy are available on NEI’s Internet site at http://www.nei.org.