9 Aug (NucNet): Local government officials in the US state of Maryland have authorised a package of financial incentives to encourage the possible construction of a third unit at Constellation Energy’s Calvert Cliffs nuclear power plant.
The Calvert County Board of County Commissioners (BOCC) announced their decision yesterday and authorised a 50% property tax credit over a 15-year period if the unit is built, saying “the potential tax benefits to the county and state are staggering”.
A BOCC statement said the board recognised “the impact such an expansion would have on the county through job creation and tax payments, as well as the importance of nuclear energy in meeting the country’s growing energy demands and the safety record and emissions-free technology inherent in nuclear energy”.
The tax credit authorisation does not approve or guarantee construction, but BOCC officials said it was “part of a business proposal to attract additional capital investment”. If a new unit is constructed at Calvert Cliffs, BOCC said it would bring around 400 new permanent jobs to the area in addition to more than 800 existing jobs at the plant, plus about 3,200 construction jobs during a five-year building phase.
In fiscal year 2006, the Calvert Cliffs nuclear plant contributed 15.5 million US dollars (USD) (about 12.5 million euros) in taxes to Calvert County alone. BOCC said the expansion under consideration would realise a significant amount of additional, new tax revenues – equivalent to about USD 20 million annually, taking into account the tax credit.
Since the plant started paying taxes in 1973, more than USD 173 million dollars has been paid in taxes to Calvert County, making Constellation Energy the single largest taxpayer in Calvert County.
BOCC said other factors that influenced its decision included Constellation Energy’s ongoing charitable activities and the company’s “continued commitment to the people, community, organisations and environment in Calvert County”.
