Michigan’s 2006 Capacity Needs Forum and the 2007 21st Century Energy Plan both conclude that new base load power plants will be needed to meet Michigan’s future energy needs. The North American Electric Reliability Council warns that U.S. demand for electricity is increasing three times as fast as resources are being added to our electric grid. And, the U.S. Energy Information Administration predicts that by 2030 electricity sales in our country will increase by 25 to 30 percent.
No new base load power generating plants have been built in Michigan since the late-1980s. While natural gas-fired peaker units and renewable energy installations will help to fill some of the state's energy needs, new base load plants are needed to provide long-term reliable and affordable energy.
Nuclear energy is the only large-scale source of power that produces no air emissions. It addresses growing concerns over carbon dioxide emissions and greenhouse gas, helping to meet Michigan’s energy needs as well as the state and the nation's clean air goals.
Nuclear power is the lowest cost producer of base-load electricity in the U.S. today when compared to coal, natural gas, or oil, producing electricity for about 1.7 cents per kilowatt-hour. Fuel costs for Fermi 2 are about half those of the most efficient coal fired plants.
It is estimated that a new nuclear power plant built at our Newport, MI location will create up to 2,400 construction jobs and 400 to 700 permanent high tech jobs. This is in addition to another 400 to 700 local non-plant jobs related to goods and services.
Analysis shows that every dollar spent by the average nuclear plant results in the creation of $1.07 in the local community. Each year, the average nuclear plant generates approximately $430 million in sales of goods and services in the local community and nearly $40 million in total labor income. The average nuclear plant generates total state and local tax revenue of almost $20 million each year. These tax dollars benefit schools, roads, and other state and local infrastructures.