API: Nuclear bailouts would harm Ohio consumers

WASHINGTON, June 8, 2017 /PRNewswire-USNewswire/ -- API today urged members of the Ohio Senate Public Utilities Committee to follow the lead of their House colleagues and reject legislation that would bail out the nuclear power industry and raise rates on consumers.

"Customers benefit most when markets are allowed to work free of mandates," said API Chief Economist Erica Bowman in her testimony to the committee.

Senate Bill 128 would increase electricity prices for Ohio's consumers while driving down demand for natural gas and discouraging investment in new natural gas-fired power generation, according to API.

"API is strongly opposed to making Ohio less competitive and discouraging job creation," Bowman continued. "This bill would skew markets by propping up uncompetitive nuclear generation, increase costs for ratepayers and job-creating businesses, and discourage investment in natural gas production and gas-fired power plants."

Bowman's testimony comes after API Ohio released a new poll on Wednesday showing that the overwhelming majority of Ohio voters oppose legislation that would allow FirstEnergy to charge its customers with a special fee to increase funding to its nuclear power plants.

Results of the poll and Bowman's testimony are available on the API website.

API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent of the U.S. economy. API's more than 625 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation's energy and are backed by a growing grassroots movement of more than 40 million Americans.

SOURCE American Petroleum Institute