Thursday morning DTE Shareholders voted on a Shareholders Proxy Initiative calling for an Independent Economic Analysis of closing the Fermi 2 Nuclear Plant early.
The Proxy proponents argued that the Fermi 2 could become an environmental and economic disaster overnight. The Shareholder presentation first focused on Avoidance Costs and then on Opportunity Costs.
“The Fermi 2 reactor is the largest of the Fukushima reactor design, and has high potential of a similar catastrophic accident in southeast Michigan. Experts have long criticized the potential weakness in this reactor design” stated Jessie Collins member of Citizens Resistance at Fermi Two (CRAFT) and supporter of Shareholders Proxy Initiative .
Ms. Collins continued “A fire in the spent-nuclear-fuel cooling pool at Fermi could result in $2 trillion in property damage according to Princeton and Union of Concerned Scientist study , and a U.S. Congressional report puts the damage at $350 billion in 2018 dollars for a worst case accident” .
“There are many other financial and environmental risks associated with the operation of the Fermi 2” stated James Sherman, also with CRAFT “A path to early closure would lead DTE Energy into the Vanguard” while pointing to reputable studies showing the profitability of the Fermi 2 is currently negative at -10.2 / MWh over the 2017-2019 time period. “Fermi 2 is simply not profitable for years 2017-2019, . The Fermi 2 nuclear plant is the most expensive electrical generating facility in the DTE fleet” Mr. Sherman continued.
DTE reported that Fermi 2 presently provides approximately 10% of generation capacity, enough to power 360,000 homes. James Sherman concluded with “DTE considers Fermi 2 to be baseload power, this modest 10% of power production should be phased out and replaced with renewables, conservation and storage being phased in at an accelerated pace” 
Shareholders presented that DTE should aggressively pursue additional installation, financing, and power purchasing agreements for renewable energy including wind and solar while retaining market share. Regional and national energy markets are trending to safe, clean, rapidly deployable, renewable energy installations, DTE now can aggressively move toward these renewable energy and energy storage markets.
The Resolution:Shareholders request that Company (DTE) commission an independent economic analysis of the potential cost avoidance and the potential financial benefit to Shareholders and Ratepayers of closing the Fermi 2 prior to the expiration of the Nuclear Regulatory Commission license. Shareholders request that this analysis include financial projections indicating the most advantageous date of closure, and that opportunity costs are examined. Shareholders request that a report be provided and presented at the next DTE Shareholders Meeting.
“It is time for DTE to abandon the rearguard and join the vanguard. The environmental and financial risk of the continued operation of the Fermi 2 is just too great. An independent economic analysis could provide DTE a new path forward and an avenue to truly be a good neighbor” concluded Jessie Collins.
The Fermi 2 nuclear plant reports to be at 0% power as of yesterday. — end —
[Experts Had Long Criticized Potential Weakness in Design of Stricken ReactorBy TOM ZELLER Jr.MARCH 15, 2011https://www.nytimes.com/2011/03/16/world/asia/16contain.html ]
[Regulators Greatly Underestimate Potential for Nuclear Disaster By: B. Rose Kelly, March U.S. Nuclear 25, 2017 Source: Woodrow Wilson School http://wws.princeton.edu/news-and-events/news/item/us-nuclear-regulators-greatly-underestimate-potential-nuclear-disaster]
 The Calculation of Reactor Accident Consequences (CRAC-2) report published by U.S. Congress 1982
 Massachusetts Institute of Technology [http://ceepr.mit.edu/files/papers/2017-009.pdf see Fig. 2, p. 6.]
 DTE Proxy response to Proxy Resolution
 [http://www.monroenews.com/news/20180424/one-issue-fixed-at-fermi-another-crops-up& Wednesday Fermi is at 0% power, Current Power Reactor Status Report for May 2, 2018 ]
Source: James Sherman, Co-Chair of CRAFT (248) 521-4447