PG&E Paying $85M To Close Diablo Canyon Nuclear Plant
AVILA BEACH (AP) -- PG&E has agreed to pay $85 million to neighboring cities and a school district affected by the closure of the Diablo Canyon nuclear power plant.
California's largest utility announced Monday that it's reached a deal to provide economic support in the region, which will lose property taxes when the Central Coast plant closes in 2025.
Much of the money will be earmarked for the school district in San Luis Obispo County.
The agreement also provides tens of millions of dollars for emergency planning as the plant is decommissioned and its nuclear fuel removed.
The entire deal could be worth nearly $150 million.
Diablo Canyon is California's last operating nuclear plant. PG&E says it's no longer needed thanks to energy efficiency and increasing use of renewable energy sources.
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