24 Organizations Call upon the Commonwealth to Divest from Entergy

On June 4, 2014, a letter spearheaded by the Association to Preserve Cape Cod was sent to Massachusetts Governor Patrick and State Treasurer Grossman. It begins by thanking the Governor for his stand on Pilgrim Station, saying,

The Governor’s letter of March 17, 2014 is testimony to his commitment to the safety of the citizens of the Commonwealth. We now believe it is also appropriate to begin systematically eliminating public investment in Entergy (ETR), the owner and operator of the Pilgrim plant. Massachusetts, according to the Pension Reserves Investment Management Board, has at least $8.6 million invested in Entergy equities and fixed income securities (as of March 31, 2014).

Read the full letter.

Also, Beyond Nuclear has signed onto this effort urging the State of Massachusetts to divest more than $8 million invested in Entergy with the following statement.

The signatory groups cited the economic and safety risks associated with the nuclear utility’s problem-plagued Pilgrim atomic reactor.¬†A June 4th letter was sent to Governor Patrick and Treasurer Grossman, as described in a June 9th press release.

The letter cites Pilgrim’s harmful impacts on the fisheries of Cape Cod Bay.

NRC recently placed Pilgrim on its “degraded” performance short list. The only other reactor in the country with a worse performance designation is FitzPatrick in upstate New York. Both Pilgrim and FitzPatrick are General Electric Mark I boiling water reactors, identical in design to Fukushima Daiichi Units 1 to 4.

Entergy’s Palisades atomic reactor in Michigan was similarly designated one of the worst performers in the U.S. a couple years ago, after not one but two near-misses in 2011, and yet another one in 2012, as documented by David Lochbaum at Union of Concerned Scientists.

A year ago, energy economist Mark Cooper of Vermont Law School identified Entergy’s six merchant reactors (half its national fleet), including Pilgrim, as at risk of near-term shutdown. This is due to a variety of factors, including economic uncompetitiveness and needed, costly safety repairs. In August 2013, Cooper was proven right, when Entergy announced the permanent shutdown of Vermont Yankee (another Entergy GE BWR Mark I) by the end of 2014.

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