The ink is on the paper for a bailout of two nuclear power plants in Illinois. Governor Bruce Rauner signed legislation today that gives billions of state subsidies to Exelon Corporation. The dollars are meant to keep the power plants up and running – Exelon had threatened to close them if the state didn’t act. The bill provides $235 million a year to the company, caps increases in electricity charges for their energy customers and requires the plants, in Cordova and Clinton, to remain open for a decade. Rauner had blasted special deals in the past that would go so select corporations but changed his mind on this one.
The agreement caps power rate increases at twenty five cents a month for 13 years.