Yankee Atomic Electric Company (YAEC) was incorporated in Massachusetts in 1954. YAEC was sponsored by ten New England utilities for the purpose of constructing and operating New England's first nuclear power plant, the Yankee Nuclear Power Station. Owners and ownership percentage: •
New England Power Company 34.5% •
Connecticut Light and Power Company 24.5% •
Boston Edison Company 9.5% •
Central Maine Power Company 9.5% •
Public Service Company of New Hampshire 7.0% •
Western Massachusetts Electric Company 7.0% •
Central Vermont Public Service Corporation 3.5% •
Commonwealth Electric Company 2.5% •
Cambridge Electric Light Company 2.0% Construction of the plant was completed in 1960 at a cost of $39 million, equal to $ today. The
capital cost was $45 million against an estimated cost of $57 million, according to the engineering consultant
Kenneth Nichols, who had been deputy to
Leslie Groves on the
Manhattan Project. He wrote that the
Connecticut Yankee and Yankee Rowe nuclear power plants were considered "experimental" and were not expected to be competitive with coal and oil, they "became competitive because of inflation ... and the large increase in price of coal and oil." When the Yankee Rowe plant was announced Admiral
Hyman Rickover called him and said the "low cost figure" of $57 million was "impossible to achieve … and I hate to see you ruin your reputation." But Nichols replied that many items were on fixed prices and many of the conventional components would be to normal utility standards to save money without sacrificing safety or reliability. During its 32-year operating history, the Yankee plant generated over 34 billion kilowatt-hours of electricity, and had a lifetime
capacity factor of 74%. == Decommissioning ==