nuclear-news

Ever escalating costs of failed Florida nuclear plant

Trigaux: Failed Florida nuclear plant’s costs keep rising Tampa Bay Times Robert Trigaux 3 July 14, The costs of prematurely closing Crystal River 3 — Duke Energy’s sole nuclear power plant in Florida — keep on rising. Duke Energy recently agreed to a settlement that sent at least $55 million to eight minority owners of “CR3.” That’s the nuke plant Duke closed last year due to a bungled do-it-yourself repair job that the power company finally acknowledged last year would prove too expensive to fix. The bigger settlement sums are going to minority investors like Ocala and the Orlando Utilities Commission. But even smaller towns like Bushnell and Alachua, with small stakes in CR3, will be compensated.

Another $8.4 million will go to nine wholesale customers with contracts to receive electricity from CR3. Those customers range from Homestead, south of Miami, to Bartow in Hillsborough County.

Total payout to minority owners and wholesale customers: $63.4 million.

The 860-megawatt Crystal River plant was expected to operate until 2036. Instead, CR3’s concrete containment wall cracked in 2009. Never restarted, the plant is scheduled to be decommissioned over the next 60 years at a cost topping $1 billion……..

CR3’s demise coincided with a severe state recession that has decreased demand for electricity since 2008.

“We do not need to add more capacity at this time,” McCain said. “But it was important for these cities and utilities to end their ownership and liabilities in Crystal River 3. This settlement transfers ownership back to Duke.”

One more CR3 conflict resolved with big checks. They likely won’t be the last.

$63.4 million: Cashing out of Duke Energy’s closed nuclear plant………..

Contact Robert Trigaux at rtrigaux@tampabay.com or (727) 893-8405. Follow him@venturetampabay. http://www.tampabay.com/news/business/energy/amid-pricey-ripples-from-failed-florida-nuclear-plant-minority-investors/2186912

July 5, 2014 - Posted by Christina Macpherson | business and costs, USA