Florida ratepayers could be up for $millions for two nuclear reactors that may never be built.

FPL nuclear project uncertain, but charges could grow by $90 million, Susan Salisbury, Palm Beach Post Staff Writer, Aug. 16, 2017 Florida Power & Light Co. ratepayers must wait two months before finding out if they will be required to pay many millions of dollars for costs associated with two nuclear reactors that may never be built.

The utility, Florida’s largest, says it has spent roughly $315 million towards two prospective nuclear reactor and in the next five years, those costs could grow by another $90 million, an FPL official told the Florida Public Service Commission Wednesday.

WHAT DOES FPL PLAN TO DO WITH WASTEWATER FROM THE REACTORS?

FPL is asking the PSC to allow it to continue spending millions of dollars towards obtaining an operating license from the U.S. Nuclear Regulatory Commission without submitting an updated report on whether the project still makes economic sense for customers.

READ WHAT FPL TOLD THE REGULATORS ABOUT TURKEY POINT IN 2016

Through the end of 2016, customers have paid close to $282 million in costs associated with the two reactors that could cost as much as $21.87 billion.

The second day of the hearing concluded Wednesday. The commission is scheduled to make a decision on the issue Oct. 17.

On Wednesday, FPL accounting project manager Jennifer Grant-Keene testified that of the additional $90 million in costs projected to be incurred through 2021, half of that, or $45 million, would consist of carrying costs. About half of those interest charges will go to shareholder profits.

Attorneys for the Florida Public Counsel, which represents all ratepayers, the Florida Industrial Power Users Group, the Florida Retail Federation and the Southern Alliance for Clean Energy urged the commission to reject FPL’s request for an exemption from the required annual financial analysis.

The project’s future is questionable, the groups said, especially since the Westinghouse AP-1000 reactors that would be used are the same type as those in a failed South Carolina nuclear expansion, Westinghouse filed for bankruptcy in March.

If FPL decides to move forward with the project, the proposed reactors, known as Turkey Point 6 and 7, would join two existing nuclear units at the company’s plant overlooking Biscayne Bay south of Miami. FPL project manager Steve Scroggs testified Tuesday that the license will probably be granted by early 2018.

Florida law and PSC rules allow recovery of costs associated with pre-licensing and pre-construction of nuclear plants before they are put into service, but require an annual economic analysis. FPL has not submitted such a report since 2015. FPL has stated it wants to pause the project, perhaps for five years or more after receiving the license. It would make the decision later whether to build the plant and return to the commission then to ask for more money from customers……. http://www.palmbeachpost.com/business/fpl-nuclear-project-uncertain-but-charges-could-grow-million/4tdjsYeT2eTxxid40sYRCK/

August 18, 2017 - Posted by Christina Macpherson | business and costs, USA

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