The Florida Public Service Commission (PSC) today approved recovery of $34.2 million in new nuclear generation project costs for Florida Power & Light Company (FPL).
The recovery amount includes costs for investments in FPL’s planned Turkey Point Units 6 & 7. When completed, these projects are expected to add approximately 2,200 megawatts of new nuclear generation to FPL’s system, enough energy to power 1.3 million homes. FPL residential customers using 1,000 kilowatt hours (kWh) of electricity will see a monthly charge of approximately 34-cents beginning in January 2016.
FPL’s recovery costs approved today were thoroughly reviewed by Commissioners on August 18 at a hearing, when the utilities and consumer groups testified on actual and estimated nuclear construction project costs during the PSC’s annual nuclear cost recovery hearing.
As part of a settlement with the Office of Public Counsel and other organizations representing customers, Duke Energy Florida, LLC’s (DEF) 2016 nuclear cost recovery amount of $56.4 million for the Crystal River Unit 3 uprate project was approved by the Commission in August. DEF residential customers using 1,000 kWh will see a monthly charge of approximately $1.76 beginning in January.
Under Florida law, utilities may recover certain costs associated with investments in nuclear power plants while the plants are under construction. The PSC evaluates these costs annually and approves amounts to be recovered through the fuel and capacity cost recovery charge on customers’ bills.
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