NextEra Energy facility supports thousands of good-paying N.H. jobs
One of region's largest single taxpayers
WASHINGTON, D.C.—The Nuclear Energy Institute today released a new study showing an annual positive impact of $535 million to New Hampshire’s economy resulting from the ongoing operation of NextEra Energy Resources’ Seabrook nuclear power plant. When Massachusetts is included in the equation, the broader economic effect is close to $1 billion.
“This study confirms that Seabrook is vitally important in strengthening regional and state economies through job creation, tax payments, and direct and secondary spending. In a multitude of ways, nuclear energy facilities and their employees are invaluable to the communities in which they operate,” said Richard Myers, NEI’s vice president for policy development, planning and supplier programs.
The study analyzed data from 2011 to assess the economic benefit of spending associated with products and services required to run the plant, in addition to the salaries of employees and contractors. Spending, and thus the economic impact of the plant, is considerably higher in years with refueling and maintenance outages. Seabrook’s next refueling outage is in 2014.
“Seabrook is not only a terrific asset for our company but the entire state of New Hampshire,” said James L. Robo, president and chief executive officer for NextEra Energy. “In addition to the facility’s environmental benefits and contribution to keeping energy bills affordable, this study clearly affirms the importance of Seabrook Station as a powerful economic engine for the region. As our economy continues to recover from the economic challenges of recent years, NextEra Energy is extremely proud to be a strong, steady contributor to New Hampshire’s economy.”
Key findings of NEI’s study include:
Seabrook supports higher-than-average wages: NextEra Energy Seabrook directly employs approximately 650 people. Because they are technical in nature, these jobs typically are higher-paying than many others in the region. In Rockingham and Stafford counties alone, Seabrook employees can make more than double the average amount of other workers.
Seabrook’s annual spending creates a huge ripple effect locally, regionally and nationally: The facility’s operation stimulates $535 million of economic growth locally and a staggering $1.4 billion across the entire U.S. economy. Further, the study finds that for every dollar of output from Seabrook, the local economy produced $1.34, while the New Hampshire and Massachusetts economies produced $1.39 and $1.10 respectively.
Seabrook is a critical part of New Hampshire’s clean, reliable energy mix: Seabrook generates approximately 40 percent of New Hampshire’s total electricity and generally operates at or above the industry average for reliable performance. Seabrook’s operation helps prevent the emission of nearly 4 million tons of carbon dioxide annually, the equivalent of taking almost 700,000 cars off the road.
In addition to the economic impact associated with ongoing operations, the study notes that Seabrook is one of the largest single taxpayers on the seacoast. Further, on an ongoing annual basis, Seabrook employees donate approximately $180,000 to local charities through the United Way. Over the past 10 years, the plant has donated more than $1 million to local environmental organizations.
“This study clearly quantifies how Seabrook, in addition to providing hundreds of high-paying local jobs, is simultaneously contributing to the continued growth of other businesses here in New Hampshire,” said Jim Roche, president of the New Hampshire Business and Industry Association. “The recent closure of Vermont Yankee nuclear plant just across the border reminds us that we cannot take our energy resources, particularly those that support jobs and economic activity, for granted.”
Richard England, a professor of economics at the University of New Hampshire who independently reviewed the study, noted, “Clearly, the data in this report shows the substantial and positive impact Seabrook station has on our local, regional and national economies.”
NEI collected three types of data: purchase order expenditures, employee compensation figures and tax payment data. NEI applied the data to a nationally recognized Impact Analysis for Planning model that was developed for the federal government by RTI International of North Carolina’s Research Triangle.
About NextEra Energy Seabrook Station:
Seabrook Station is a 1,247 megawatt nuclear power plant located in Seabrook, N.H. The plant has been safely generating emissions-free electricity to 1.2 million homes since it began commercial operations in 1990. The facility’s majority owner is NextEra Energy Resources LLC, a clean energy leader and one of the largest wholesale generators of electric power in the United States, with more than 18,100 megawatts of generating capacity in 24 states and Canada as of year-end 2012. NextEra Energy Resources, together with its affiliated entities, is the largest generator in North America of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources LLC is a subsidiary of Juno Beach, Fla.-based NextEra Energy Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.