ECONOMIC NEWS UPDATE: New York’s four nuclear energy plants contribute about $2.47 billion to the state’s gross domestic product (GDP), in addition to other economic and societal benefits, according to a new study conducted by economists at global consulting firm The Brattle Group.
The report estimates New York’s nuclear power plants’ contribution to the New York economy and to limiting greenhouse gas emissions. Combined, the state’s six reactors – Entergy’s FitzPatrick in Scriba and Indian Point 2 & 3 in Buchanan, and Exelon’s Ginna in Ontario and Nine Mile Point 1 & 2 in Scriba – provide New York households and employers with over 5,000 megawatts (MW) of emissions-free electricity and nearly 42 million megawatt hours (MWh) of annual electricity generation. The research concludes that New York’s nuclear industry accounts for about 18,000 in-state full time jobs (direct and secondary) and provides $113 million in net state tax revenues annually. Average annual carbon dioxide emissions would be about 26 million tons greater absent the generation from these nuclear plants. This is worth an additional $1.12 billion annually if valued at the U.S. government’s estimate for the social cost of carbon. The plants are typically one of the largest employers, tax payers, and charitable contributors in their respective counties.
“The economic and environmental benefits of nuclear energy are often undervalued in national and state energy policy negotiations,” said Dr. Mark Berkman, co-author of the report and a principal at The Brattle Group. “It is even more critical to consider the noteworthy value of U.S. nuclear plants in a landscape where several factors threaten some nuclear facilities and could diminish the industry’s contribution to our electricity supply, the economy, and the environment.”
“This report stresses the need to address the underlying challenges associated with premature nuclear energy plant shutdowns to ensure that Americans can continue to reap the indisputable benefits that these plants bring to the table,” said Nuclear Matters co-chair, former Senator Judd Gregg (R-NH). “The public and policymakers are seldom offered such starkly obvious public policy choices as working to ensure existing nuclear energy plants continue to operate.”
“Reducing carbon emissions is one of our country’s top priorities,” stated Nuclear Matters co-chair, former Senator Evan Bayh (D-IN). “And yet, in this carbon-constrained world, existing nuclear energy plants receive no value for their ability to generate an astounding amount of carbon-free, reliable energy. The answer to one of our biggest environmental and economic challenges lies, in part, in nuclear energy. Without nuclear power, it would be impossible to achieve our carbon reduction objectives, counting the administration’s recently finalized Clean Power Plan.”
Nuclear energy in New York also assists keep electricity prices lower than they would otherwise be. In fact, New York consumers would pay over $1.3 billion annually (in 2015 dollars) and over $11.3 billion in the next ten years (on a net present value basis) absent the state’s nuclear plants.
Nuclear energy provides almost 20 percent of the United States’ electricity and 33 percent of electricity in New York. However, some nuclear plants are at risk of premature shut-down due to economic and policy challenges.
The report estimates New York nuclear plants’ economic value using Regional Economic Models, Inc. (REMI), a widely-used dynamic input-output model of the U.S. economy, linked with a simplified Brattle model of the U.S. electricity sector to better capture the dynamics of power markets and prices. By linking these models, the authors were able to measure the economic output, employment, and tax revenue in New York with and without its nuclear plants, providing the most accurate picture of their contribution to the economy.
“New York Nuclear Power Plants’ Contribution to the State Economy” was prepared for Nuclear Matters by The Brattle Group.
A national report that estimates the value of the entire nuclear industry to the U.S. economy, “The Nuclear Industry’s Contribution to the U.S. Economy,” was released on July 7th. The national report concludes that the United States’ nuclear energy plants contribute $60 billion annually to national GDP, among other findings.
The mission of Nuclear Matters is to inform the public about the clear benefits that nuclear energy provides to our nation, to raise awareness of the economic challenges to nuclear energy that threaten those benefits, and to work with stakeholders to explore possible policy solutions that properly value nuclear energy as a reliable, affordable and carbon-free electricity resource that is essential to America’s energy future.
U.S. STOCKS NEWS: On Friday, Shares of The Home Depot, Inc. (NYSE:HD), lost -2.37% to $115.12.
The Home Depot®, the worlds largest home improvement retailer, declared three facility openings to support its online business, information technology transformation and overall interconnected retail strategy.
Recently, the company will officially open its third and largest of three new direct fulfillment centers to support the continued growth of its online sales, which now account for about five percent of total revenues. The new 1.6 million square foot facility is located in Troy Township, Ohio and is predictable to eventually employ 500.
The company opened two other direct fulfillment centers last year; one in Locust Grove, Ga., just outside Atlanta, and another in Perris, Calif. These new facilities enable the company to deliver 90 percent of Home Depot online orders of regionally stocked parcel items in two business days or less using economical ground delivery service.
The company also declared that in October it will officially open its new Marietta Technology Center, a 200,000 square foot office complex in Marietta, Ga. for about 1,000 information technology associates, with the expectation of eventually adding an additional 500 IT jobs at this location. Since 2007, the company has aggressively improved its IT capabilities in conjunction with its supply chain and merchandising transformations.
The Home Depot, Inc. operates as a home improvement retailer. It operates The Home Depot stores that sell various building materials, home improvement products, and lawn and garden products, in addition to provide installation, home maintenance, and professional service programs to do-it-yourself, do-it-for-me, and professional customers.
Shares of Verizon Communications Inc. (NYSE:VZ), declined -1.46% to $44.57, during its last trading session.
Verizon Communications sees noteworthy opportunity for future growth in video and the Internet of Things, enabled by the companys consistent investment and demonstrated leadership in wireless and broadband networks.
Speaking at an investor conference here recently, Chairman and CEO Lowell McAdam outlined the broader vision of the company following recent declarements about its commitment to 5G wireless deployment, the simplification of wireless customer pricing, and new wireless video and telematics products.
Although consumer demand is disrupting Verizons traditional business models, McAdam said the company is transforming around the capabilities of its high-performing networks. He said the aim is future growth based on delivering what customers want and need in the new digital world.
While well-positioned for the future, Verizons full-year 2016 earnings may plateau at 2015 levels as the company manages near-term impacts. These impacts comprise the commercial model change in wireless, year-over-year wireline financial comparisons following the predictable first-half 2016 sale of operations to Frontier Communications Corp., and the ramp up of new business models for wireless video and IoT.
Verizon Communications Inc., through its auxiliaries, provides communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide.
Shares of JD.com, Inc. (NASDAQ:JD), declined -4.38% to $26.43, during its last trading session.
JD.com should head towards $36.7 per share according to 10 Analysts in consensus. However, if the road gets shaky, the stock may fall short to $30 per share. The higher price estimate target is at $43 according to the Analysts.
Analysts at Zacks have given a short term rating of hold on JD.com, Inc. (NASDAQ:JD) with a rank of 3. The company has received an average rating of 1.73 from 11 brokerage firms. 7 analysts have rated the company as a strong buy. The company has been rated as hold from 4 Wall Street Analysts.
JD.com, Inc., through its auxiliaries, operates as an online direct sales company in the Peoples Republic of China. It primarily offers electronics and home appliances products; and general merchandise products, counting audio and video products, and books. The company sells its products directly to customers through its Website jd.com and mobile applications.
Finally, Shares of The Goldman Sachs Group, Inc. (NYSE:GS), ended its last trade with -2.96% loss, and closed at $180.94.
In its latest push to broaden its allure among millennials, Goldman Sachs Group Inc rolled out a series of quick-hit recruiting ads on Snapchat on Friday, becoming the first major Wall Street bank to turn to the instant-but-fleeting messaging app for potential hires, according to Reuters.
The ads appear on Snapchats Campus Story function, a curated platform for user-generated contents such as pictures and videos at college campuses nationwide. Goldmans 10-second recruitment clips appear between user-generated content segments.
In the videos, Goldman says it is seeking a Campus Environmental Leader, Youth Sports Coach or Crowd Funding Champion, and provides a link to gs.com/campus.
Only Snapchatters whose phones indicate they are in and around a campus, or were there in the last 24 hours, are able to post to and view the Campus Story. Reuters Reports
The Goldman Sachs Group, Inc. operates as an investment banking, securities, and investment administration company worldwide. The company operates through four segments: Investment Banking, Institutional Client Services, Investing & Lending, and Investment Administration.
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