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PSC Approves FPL Rates for Added Nuclear Generation
TALLAHASSEE — Completed nuclear Extended Uprate Projects (EPU) at St. Lucie Units 1 & 2 and Turkey Point Unit 3 has added 367 megawatts (MW) of clean, nuclear generating capacity to Florida Power & Light Company’s (FPL) energy portfolio. Since the projects are now serving FPL customers, the Florida Public Service Commission (PSC) today approved a base rate increase to cover increased operating costs as allowed by rule.
Because nuclear power is low cost, the added capacity will benefit Florida’s customers. Over the life of the projects, savings are estimated to be $3.8 billion. These figures also include the EPU project currently underway at Turkey Point Unit 4, which will add 123 MW of capacity upon completion next year.
Across the United States, nuclear uprate projects are considered a cost-effective way to increase energy capacity, since there are currently 16 EPU projects waiting for Nuclear Regulatory Commission approval.
Through Florida Statute 366.93, enacted in 2006, FPL can increase existing nuclear reactor capacity and petition for revenue recovery through a base rate increase when the project is placed in commercial service. The statute allows for project carrying costs to be recovered during construction, lowering the utility’s base rate increase request when a project is completed and put into service.
FPL’s approved $246 million revenue increase represents a base rate increase of $2.59 per month on a typical 1,000 kilowatt hour residential bill beginning in January.
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