Turkey Point nuclear suspension
OPS_admin | Jan 14, 2010 | Comments 0
Florida Power and Light has suspended work on two new reactors at Turkey Point in an angry reaction to a decision by state regulators.
The company said it would immediately stop work on expanding the Turkey Point power plant, citing the “deteriorating regulatory and business environment” created by the Florida Public Service Commission. The nuclear project is one among $10 billion in investment that FPL said will now be cancelled.
PSC officials today rejected an FPL’s request to increase the rates charged to consumers – the way FPL had hoped to finance the investments. The company’s regulated base rate had not been reviewed since 1985, and although it has twice been allowed to begin collecting extra money to aid investment, a request to add a total of $1 billion to its income after 2011 was slashed by the PSC to just $75 million. “The decision was about politics, not economics,” said FPL Group chairman and CEO Lew Hay.
FPL will continue to work with the Nuclear Regulatory Commission to complete its licence application to build and operate two Westinghouse AP1000s, but has abadoned its ambition to build them by 2017 and 2019.
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