7324-98 Oppose Bailout of First Energy Power Plant

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RESOLUTION NO. 7324-98 BY: Corrigan, Flannery, George, Roth, Seelie, Skindell A RESOLUTION opposing a consumer bailout of FirstEnergy's Power Plant nuclear debt as part of the plan to deregulate Ohio's electric utility industry. WHEREAS, affordably priced electric service is essential to the health, safety, and economic well-being of all Ohioans; and WHEREAS, northern Ohio electric consumers currently pay the highest rotes for electricity in the s~ate, presenting a signifi'cant economic disadvantage to the region's residential and business customers; and WHEREAS, legislation now ?.ending in the Ohio General Assembly, S.B. 237 and I-LB. 732, calls for the deregulation of Ohio's electric utility indus~v ana force northern Ohio residential and small bnsmess customers to continue to pay for past nuclear power plant investments once competition is introduced; and WHEREAS, full recovery of the nuclear power plant debt would cost the average F'ustEnergy customer at least $1,618 over a five year period; and -- WHERE.., req.'.m~., northern Ohio electric utility customers to pay for the nucaear power plant debt will take money away from families and senior citizens for basic necessities such as housing, food, dothing and education; now, therefore, BE 1T RESOLVED BY THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. That ~hls Council and Mayor oppose a plan calling for the deregulation of Ohio's electric utility industry whereby northern Ohio electric customers are required to pay for FimtEnergy's past nuclear power plant debt. Section 2. That the Clerk of Council be and she is hereby authorized and directed to forward certified copies of this resolution to Governor George Voinovich, Senate President Richard Finan, House Speaker Jo Ann Davidson, Representative Dan Brady, Senator Patrick Sweeney and U.S. Congressman Denni~ ]. Kuclnlch and that a copy of this resolution be spread upon the minutes of this meeting. President yor