The Seabrook Station nuclear power plant in New Hampshire. (File photo by Rich Beauchesne/Seacoastonline)
The town recently reached a lucrative three-year tax agreement with the NextEra Energy Seabrook nuclear power plant that will put millions more dollars in tax coffers than the previous agreement.
Seabrook Town Manager Bill Manzi said the town and NextEra Energy Resources, the owner and operator of NextEra Energy Seabrook, successfully negotiated an agreement concerning property tax payments covering fiscal years 2024, 2025 and 2026. The accord is for $45 million over the three years, Manzi said, an increase of $5 million, or 12.5%, over the previous three-year agreement.
Additionally, the new agreement is a $9 million increase from the one reached six years ago, which was worth $36 million, Manzi said.
Over the decades since Seabrook Station began operations in 1990, the assessed value of nuclear power plants has generally declined. At its peak, Seabrook was valued at more than $2 billion, while at its lowest, it fell below $1 billion.
Years ago, the town decided to enter into pre-negotiated property tax agreements with NextEra instead of haggling over annual property tax assessments, some of which ended up with the power plant’s owners taking the town to court. Since then, the town and NextEra have worked to agree on a tax figure to ensure a reliable income for the town without the possible expense of litigation.
Read the rest of this story at Seacoastonline.
