Press Mention Institute for Southern Studies February 1, 2012
SACE Referenced
INSTITUTE INDEX: Nuclear rebirth dead in Florida?
In this mention
This Institute for Southern Studies index article examines the economics and timeline of Progress Energy's failed nuclear reactor project at Levy County, Florida, and Florida Power & Light's planned reactors at Turkey Point. The article highlights that Florida customers have already paid $545 million toward the $1.1 billion spent on the Levy project, with project costs escalating from $6 billion in 2006 to $22 billion currently. SACE filed a constitutional challenge to Florida's nuclear pre-payment law (CWIP) with the state Supreme Court in December 2011, calling it a "scam."
Full transcript
INSTITUTE INDEX: Nuclear rebirth dead in Florida?
Amount Progress Energy has spent so far on planning the construction of two nuclear reactors at an undeveloped site in Levy County, Fla.: $1.1 billion
Of that total, amount paid already by the company's Florida customers: $545 million
Amount that represents per customer: $340
Percent of the outstanding amount that the company's Florida customers will have to pay: 100
Date on which it was reported that Progress is canceling the main construction contract for the Levy reactors, raising questions about whether they will ever be built: 1/26/2012
Year in which the Florida legislature passed a law allowing investor-owned utilities to begin collecting money in advance to pay for future nuclear reactors, a financing scheme known as construction work in progress or CWIP: 2006
At that time, estimated cost of the Levy project: $6 billion
Estimated cost in 2007: $10 billion
Estimated cost in 2008, when the utility said it would build not one but two reactors in Levy County: $17 billion
Current cost estimate for the project: $22 billion
Year in which the project was originally set to be completed: 2016
Year that the state Office of Public Counsel, which represents consumers before the Public Service Commission, believes the Levy County reactors will be brought online at the earliest: 2027
Current estimated cost of two additional reactors that Florida Power & Light is planning to build at its Turkey Point plant near Miami: $20 billion
Under the state's pay-in-advance law, amount that would be refunded to utility customers if the planned reactors are never built: $0
Date on which the Southern Alliance for Clean Energy filed an appeal with the Florida Supreme Court challenging the constitutionality of the state's nuclear pre-payment law, calling it a "scam": 12/21/2011
Number of bills introduced in the Florida legislature to overturn the nuclear cost recovery law: 2
(Click on figure to go to source. Map of Levy nuclear site from Progress Energy's website.)
By Sue Sturgis on Thu, 02/02/2012 - 08:01