Tell the PSC: Don’t let Holtec offload its responsibility for Indian Point

Indian Point-October 2025 - Boat Outing-13-1200x780 Holtec, the company that owns Indian Point nuclear power plant, is responsible for safe decommissioning of the plant, and it manages hundreds of millions of dollars of public funds from the decommissioning trust fund.

Despite this huge responsibility, Holtec is currently trying to offload ownership of the plant, and its liabilities, to an affiliate company, which could spin off the company’s risk if it runs out of funding, leaving the public holding the bag.

Riverkeeper sits on the official Indian Point Decommissioning Oversight Board, pushing for safe handling of radioactive waste, cleanup of the contaminated site and groundwater, and responsible management of public funds.

Join us in calling on the Public Service Commission to hold the line.

You can send the letter below as-is, or add your perspective to increase its impact. We’ll compile responses and pass them along to the PSC.

Who You're Contacting

Michelle L. Phillips

Secrectary to the Commission

New York State Public Service Commission

Three Empire State Plaza
Albany, NY 12223-1350

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Subject

Salutation

Dear [Decision Maker]:

Body

I support the Public Service Commission’s exercise of its authority to prohibit Holtec from finalizing its proposed corporate restructuring. Holtec’s proposal would threaten New York ratepayers and the safe and efficient decommissioning of the Indian Point Nuclear Facility site.

After the closure of Indian Point, the PSC allowed Holtec Decommissioning International (HDI) to acquire the site and assume the responsibility of decommissioning and remediating the plant, including managing highly radioactive spent nuclear fuel. As part of this transfer, HDI assumed management of the $2.37 billion in ratepayer-funded trust accounts set aside for completing decommissioning.

Holtec now aims to reorganize its corporate structure. In doing so, it will move some obligations associated with decommissioning Indian Point from one subsidiary company to a newly created affiliate, the Decommissioning Asset Management Company (“DEAMCO”). While DEAMCO still lies within Holtec’s overall corporate structure, it will be overseen by an independent fiduciary manager, potentially stymieing corporate oversight and cutting off liabilities from parent companies. DEAMCO has provided no evidence of financial assurance, other assets, insurances, businesses, trade or other avenues by which it may supply any needed capital, should the trust funds run dry. Therefore, any additional costs associated with the decommissioning, which have already exceeded budget expectations, are expected to be passed on to captive New York ratepayers.

Significantly, the Holtec Nuclear Corporation would retain ownership of HDI, which stands to profit from completing the decommissioning process. Earlier this year, Holtec Nuclear Corporation sought an initial public offering (IPO), which was later abandoned, citing an “adverse market.” This IPO evidences the intent of the restructuring, which is to allow HDI to reap profits from the decommissioning while shielding the Holtec Nuclear Corporation from any liabilities.

Holtec has never successfully decommissioned a nuclear site, and yet it has taken on the responsibility of decommissioning several nuclear sites across the United States simultaneously. Decommissioning is an extraordinarily complicated and technical process, and any setbacks or delays in the decommissioning of any one of the sites under Holtec’s purview has the potential to cause delays and expenses for the others. Given the track record at Indian Point, and the uncertainties facing the industry nationwide, there is a strong possibility that the costs of the Indian Point decommissioning will run over budget. Without appropriate financial guarantees, these costs will be shouldered by New York ratepayers.

I therefore urge the PSC to exercise its jurisdiction to deny Holtec’s corporate restructuring, or in the alternative, grant the restructuring with conditions and limitations that guarantee equivalent financial assurances to those currently provided by Holtec parent companies.

Respectfully submitted,

[Your name]
[Your email address]

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Tell the PSC: Don’t let Holtec offload its responsibility for Indian Point

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Michelle L. Phillips

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