Progress Energy Expects Florida Customers To Double Down on Nuclear Energy Bet
Dear Scotts Contracting,
Have you heard what is happening to utility rates in Florida? Progress Energy announced that it expects customers to pay for an expansion of a broken nuclear plant and continue to finance another proposed nuclear plant which may never be built. The Tampa Bay Times Editorial Board had a lot to say on the matter…
“Businesses that make big mistakes and force their customers to pay for them can expect a smarter competitor to take away their customers. But Progress Energy is a regulated monopoly, and it announced last week it expects customers to pay to expand a broken nuclear plant and to continue to finance a proposed nuclear plant that may never be built. Yet Gov. Rick Scott, the Florida Legislature and the Public Service Commission have failed to lift a finger to stop this fleecing of the ratepayers.
Progress Energy isn't just maintaining its increasingly expensive bet on nuclear energy. It expects its Florida customers to double down as well. The company plans to ask the Florida Public Service Commission in August to raise rates on consumers to cover $49 million in up-front costs for a planned expansion of capacity at the troubled Crystal River nuclear plant under a 2006 law that allows for so-called advanced nuclear cost recovery. Never mind that there's still significant doubt about whether the plant will ever be repaired and returned to service. It's been shut down since 2009 after Progress Energy bungled a first-of-its-kind, do-it-yourself repair job.
The other bad news for consumers: The cost of the proposed new Levy County nuclear plant — which still has not received federal approval — could reach as high as $24 billion, up from the last estimate of $22.4 billion. What's more, the plant won't be complete until 2024, eight years later than originally proposed. Progress Energy Florida customers are already on the hook for $1.1 billion in up-front costs that include an estimated $150 million in revenue for the company. That price tag can only be expected to grow unless Tallahassee changes the law.”
Let’s make sure that Missouri isn’t in the same position as Florida. Contact your legislator today to let them know you oppose paying up front cost for energy plants that may never be built. Also, please sign the petition and forward this email to a friend to get others involved.
The FERAF Team
Fair Energy Rate Action Fund • PO Box 1153 • Jefferson City, MO 65102 Paid for by the Fair Energy Rate Action Fund. www.fairenergyrates.org