Opposition Against FL Nuclear Cost Recovery Grows

Guest Blog | April 11, 2012 | Press Releases

JACKSONVILLE, Fla. – NEWS ADVISORY – Bipartisan opposition is growing across Florida to the controversial use of so-called “advanced cost recovery” financing, which saddles Progress Energy of Florida and Florida Power & Light ratepayers with the costs of developing proposed new nuclear reactors that very well may never be built due to out-of-control costs, unresolved safety issues, declining demand for electricity, the availability of cheaper energy sources (including renewables), and major savings from energy efficiency.

Leaders of the opposition to this shifting of risk from utility shareholders to Florida ratepayers via speculative advance financing of nuclear reactors, which includes a bipartisan group of Florida lawmakers along with local government leaders, will hold a briefing on Thursday (April 12, 2012) about the growing backlash in Florida. The speakers will discuss their “Friends of the Court” briefs supporting the legal challenge by the Southern Alliance for Clean Energy to the constitutionality of the controversial pre-payment statute before the Florida Supreme Court.

• State Senator Charles Dean, Sr.;
• State Senator Mike Fasano;
• State Representative Michelle Rehwinkel-Vasilinda;
• Village of Pinecrest Mayor Cindy Lerner; and
• Southern Alliance for Clean Energy Executive Director Dr. Stephen A. Smith.

WHAT: Phone-based news conference (with full Q&A). WHEN: 1:30 p.m. EDT on April 12, 2012. WHERE: Dial 1 (800) 860-2442. Ask for the “Florida nuclear reactor financing backlash” news event.

Florida’s Public Service Commission (PSC) has approved more than one billion dollars in advanced cost recovery over the past three years for questionable new nuclear reactors proposed by Progress Energy Florida (PEF) and Florida Power & Light (FPL), despite the fact that neither utility has demonstrated the intent to actually build the reactors. In fact, both utilities admit that no final decision to build has been made. PEF has proposed two new reactors in Levy County, Florida with an estimated cost of $22.5 billion and FPL has proposed two additional reactors at their existing Turkey Point nuclear plant near Miami with an estimated cost approaching $20 billion. Both proposals are more than a decade from completion, if they are ever built, and have experienced repeated cost increases and scheduling delays. Ratepayers would not receive a refund if either utility abandons the projects.

CAN’T PARTICIPATE?: A streaming audio replay of a related news event will be available on the Web at http://www.cleanenergy.org as of 6 p.m. EDT on April 12, 2012.

MEDIA CONTACT: Leslie Anderson Maloy, (703) 276-3256, or [email protected].

Information specific to the case (SC11-2465) info can be found here by clicking on the word ‘docket’ to view a list of filed docs which more fully represents all that has currently been filed. # # # The Southern Alliance for Clean Energy is a nonprofit organization that promotes responsible energy choices that create global warming solutions and ensure clean, safe, and healthy communities throughout the Southeast. For more information, go to http://www.cleanenergy.org.