Florida regulators approve nuclear power costs recovery

Progress Energy Florida Florida Power & Light Public Service Commission

The Florida Public Service Commission unanimously approved cost recovery amounts for construction of planned and existing nuclear power plants for Progress Energy Florida and Florida Power & Light Co.

Progress Energy’s approved recovery of approximately $143 million includes costs associated with construction of the proposed Levy units 1 and 2 and to add capacity to the Crystal River 3 nuclear power plant. Crystal River recovery includes only prudent 2011 uprate costs since the PSC approved Progress’ motion to defer 2012-2013 project cost recovery to next year. Progress Energy’s nuclear projects are expected to add approximately 2,380 MW of base load generation to the system.

FPL’s approved recovery of approximately $151 million includes costs associated with construction of the planned units 6 and 7 at Turkey Point nuclear power plant and adding capacity to units 3 and 4 at Turkey Point and at units 1 and 2 at St. Lucie nuclear power plant. When completed, these projects are expected to add 2,722 MW of capacity.

Approved amounts for both Progress and FPL customer bills will be recovered through the fuel and capacity cost recovery charge on bills beginning in January.

Utilities normally cannot pass on expenses until new or renovated plants go into operation. However, the Florida Legislature enacted a law in 2006 that allows nuclear costs to be passed on in order to encourage development of new nuclear plants.

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