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NEWS RELEASE


10/26/2010 Contact: 850-413-6482

PSC Votes on Nuclear Cost Recovery For Progress Energy


TALLAHASSEE — The Florida Public Service Commission (PSC) today approved cost recovery amounts for Progress Energy Florida (PEF) related to construction of planned nuclear generating plants and an uprate project at an existing generating unit.  Costs will be recovered through the capacity cost recovery charge on customer bills beginning in 2011.

PEF’s approved $163,580,660 recovery includes costs associated with the uprate of its existing nuclear generating plant at Crystal River, and the construction of its proposed nuclear power plants, Levy Units 1 and 2.  When completed, these projects will add 2,380 MWs of new nuclear base load generation to PEF’s system, enough energy to power 1.3 million homes.

With today’s decision, PEF’s customers will pay about $5.53 per month for the first 1,000 kilowatt hours.  The final approved amount for customer bills, however, will be determined after the PSC’s decision in the annual fuel cost recovery clause hearing beginning November 1.

To encourage the development of nuclear power, the Florida Legislature enacted a law in 2006 to permit utilities to recover some nuclear plant project costs during the construction process.  The PSC then adopted a rule on how it evaluates those costs annually. 

At the PSC’s annual nuclear cost recovery hearings on August 24-27, Commissioners heard testimony from the utilities, consumer groups, and the public. Resolution of all Florida Power & Light Company’s nuclear cost recovery issues have been deferred until the 2011 Nuclear Cost Recovery Clause proceeding, per agreement of all parties. 

For additional information, visit www.floridapsc.com.



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