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Florida: PSC regulators say no to FPL nuclear fees without financial analysis

 Susan Salisbury, Palm Beach Post Staff Writer, Oct. 17, 2017 Without a required feasibility analysis to show that two new proposed nuclear reactors are a good deal for customers, Florida Power & Light Co. cannot collect costs incurred after 2016, the Florida Public Service Commission decided Tuesday.

PSC commissioners unanimously agreed with a staff recommendation that because FPL failed to submit a required financial analysis, costs incurred for the two reactors from Jan. 1, 2017 going forward cannot be collected through nuclear power-related fees customers pay.

Since 2009 Juno Beach-based FPL has sought an operating license from the U.S. Nuclear Regulatory Commission for the proposed 2,200-megawatt Turkey Point 6 and 7 reactors which could cost as much as $21.8 billion. They might never be built, or no sooner than 2031, at the same facility where FPL already has two operating reactors overlooking Biscayne Bay south of Miami.

Still, customers have already paid close to $282 million in costs associated with the two reactors. And FPL wanted permission to continue charging customers with an exemption from having to file a feasibility study.

The Southern Alliance for Clean Energy, the Office of Public Counsel, the Florida Retail Federation and the Florida Industrial Power Users Group all urged the commission to deny FPL’s request for an exemption.

TURKEY POINT SITE HAS BEEN PROBLEM-PLAGUED

The PSC agreed, but the company can collect costs from customers if and when it does provide the required report as long as the report shows the project makes financial sense, the commission said. The utility could also seek to collect the costs some other way, such as through base rates…….

SACE said Tuesday it has other concerns, including that FPL has never committed to a binding price for the reactors or to construct them at all.

“FPL customers have already paid $300 million into the proposed Turkey Point expansion project that will almost certainly never be built. Two nuclear reactors of the same design in South Carolina were recently cancelled after the projected cost soared to over $25 billion dollars,” Smith said.

The Commission approved recovery of the utility’s costs for 2015 and 2016 that included $46,978,739 for the Turkey Point project. Customers will be receiving a credit next year of $7,305,202. http://www.palmbeachpost.com/business/psc-regulators-say-fpl-nuclear-fees-without-financial-analysis/LucoyuUttLqnHM9JYAFW6N/

October 18, 2017 - Posted by | business and costs, politics, USA

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