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Judge rules that utility can withdraw from crumbling nuclear power project

San Antonio utility wins nuclear ruling By TRACY IDELL HAMILTON San Antonio Express-NewsJan. 30, 2010, SAN ANTONIO — In a victory for CPS Energy, District Court Judge Larry Noll’s ruling Friday clears the way for the city-owned utility to withdraw from the proposed expansion of the South Texas Project nuclear plant without fear of losing its entire investment………….

Hours before Friday’s ruling, NRG CEO David Crane told investors that if the nuclear deal stops making financial sense, the company is willing walk away and take a roughly $400 million loss.

CPS filed a lawsuit against NRG on Dec. 7 seeking to clarify the utility’s rights if it chose to pull out of the crumbling nuclear deal. CPS has so far spent $350 million on the nuclear project.

Noll ruled that each party has a right to withdraw, and as of today, each partner is a 50 percent equity shareholder. The contract is silent on forfeiture of that share if a party decides to withdraw, he said, “therefore no forfeiture of interest exists.”

San Antonio utility wins ruling on nuclear expansion | Business | Chron.com – Houston Chronicle

February 1, 2010 - Posted by Christina Macpherson | Legal, USA | antinuclear, nuclear, nuclear secrecy, nuclear wastes