{"id":53,"date":"2013-03-05T12:47:04","date_gmt":"2013-03-05T17:47:04","guid":{"rendered":"http:\/\/www.l-a-k-e.org\/blog\/2013\/03\/levy-co-fl-nuke-likely-not-to-be-built.html"},"modified":"2013-03-05T12:47:04","modified_gmt":"2013-03-05T17:47:04","slug":"levy-co-fl-nuke-likely-not-to-be-built","status":"publish","type":"post","link":"http:\/\/www.l-a-k-e.org\/blog\/2013\/03\/levy-co-fl-nuke-likely-not-to-be-built.html","title":{"rendered":"Levy Co. FL nuke likely not to be built"},"content":{"rendered":"

\nCost already sunk Kewaunee, Calvert Cliffs, Crystal River, and are gnawing\naway at San Onofre: now it looks like new owner Duke is not\nlikely to build Progress Energy's Levy County, Florida reactor.\nAll that plus even in Georgia, even against all-powerful Georgia Power,\nthere's a reaction against the cost of the always-later always-more-expensive\nnew nukes at Plant Vogtle on the Savannah River.\nA reaction that's getting written up in the Valdosta Daily Times.\n<\/p>\n

\nIn the VDT today from AP,\n\nSome leaders souring on nuclear power costs<\/a>.\nI'm quoting from the abcNews version<\/a>\nbecause it includes the author's name, Ray Henry,\nand the original date, 3 March 2013.\nI added all the links and images.\n<\/p>\n

\n

\n\n<\/a>\nAs the cost of building a new nuclear plant soars, there are signs\nof buyer's remorse.\n<\/p>\n

\nThe second-guessing from officials in Georgia and Florida is a sign\nthat maybe the nation is not quite ready for a nuclear renaissance.\nOn top of construction costs running much higher than expected, the\nprice of natural gas has plummeted, making it tough for nuclear\nplants to compete in the energy market.\n<\/p>\n

\nIn Georgia last week, Southern Co. told regulators it needed to\nraise its construction budget for Plant Vogtle in eastern Georgia by\n$737 million to $6.85 billion. At about the same time, a Georgia\nlawmaker sought to penalize the company for going over budget,\nannouncing a proposal to cut into Southern Co.'s profits by trimming\nsome of the money its subsidiary Georgia Power makes.\n<\/p>\n<\/blockquote>\n

\nAnd Southern Company and Georgia Power slipped the Plant Vogtle schedule\nstill more,\n\nfrom 15 to 19 months late<\/a>.\n<\/p>\n

\n

\nThe legislation has a coalition of tea party, conservative and\nconsumer advocacy groups behind it, but faces a tough sale in the\nRepublican-controlled General Assembly. GOP Rep. Jeff Chapman found\njust a single co-sponsor, Democratic Rep. Karla Drenner.\n<\/p>\n<\/blockquote>\n

\n\n<\/a>\nThat's\n\nHB 267: Financing costs; construction of nuclear generating plant<\/a>.\nAnd AP failed to mention\n\nGeorgia Sierra Club's support for HB 267<\/a>.\n<\/p>\n

\n

\nAs a regulated monopoly, Georgia Power currently earns about 11\npercent in profits when it invests its own money into power\nprojects. Chapman's legislation would reduce those profits if the\nnuclear project is over budget, as is the current projection.\n<\/p>\n<\/blockquote>\n

\nIn Florida, there's a move to completely\neliminate Construction Work in Progress (CWIP)\nsuch as is being used in Georgia to pre-fund the new Plant Vogtle nukes.\n<\/p>\n

\n

\nIn Florida, lawmakers want to end the practice of utilities\ncollecting fees from customers before any electricity is produced.\n<\/p>\n<\/blockquote>\n

\nFlorida only recently got CWIP, but Progress Energy has been quick to profit by it:\n<\/p>\n\n\n

\n

\n\n<\/a>\nThe Florida Public Service Commission voted in November to allow the\nstate's two largest utilities to charge customers for $294 million\nthis year for the costs of future nuclear facilities.\n<\/p>\n

\nProgress Energy Florida, which has been purchased by North\nCarolina-based Duke Energy, has collected more than $819 million\nfrom its customers for two nuclear projects, according to the\nFlorida Public Service Commission.\n<\/p>\n<\/blockquote>\n

\n\n<\/a>\nThe first PGN project was the\n\nnow-cancelled Crystal River nuke<\/a>,\nand the second is\n\ntwo proposed reactors in Levy County, Florida<\/a>.\nThose two are already slipping schedule and may never be built:\n<\/p>\n

\n

\nProgress Energy Florida still needs a license for the plant from\nfederal regulators and pushed back the opening of the first Levy\nCounty reactor to 2024. Some question whether it will be built at\nall.\n<\/p>\n

\nFour GOP senators in Florida said recently they will seek to put\nlimits on the collections. Lawmakers said their upcoming bill will\nset a deadline for utilities to start construction and make sure\npower companies cannot earn a profit off any prepayments if they do\nnot build a nuclear facility.\n<\/p>\n

\n"On the details, there is plenty of room for conversation," Sen.\nJohn Legg said at a Feb. 21 news conference. "But on these three\nprinciples there will be no room for compromise."\n<\/p>\n<\/blockquote>\n

\nIf Florida legislators really stick to those principles,\nthe Levy County reactors will never be built,\nbecause, as Moody's spelled out back in 2009<\/a>,\nnuclear is a bet-the farm risk that, in investor-speak:\n<\/p>\n

\n

\nIn addition, we believe regulators will generally continue to\nsupport the long-term financial health of the utilities they\nregulate, and will authorize recovery of investments and costs over\na reasonable timeframe.\n<\/p>\n<\/blockquote>\n

\n\n<\/a>\nTranslation: nuclear reactors are such a bad investment\nthey can only get built if legislators let their builders overcharge\ncustomers for them before they're even built, and after, too.\nNo CWIP, no nukes.\nOr,\n\nJeremy Rifkin puts it<\/a>,\nnuclear power is dead.\nIt's time to build solar and wind power instead, on time, on budget, and they\nneed no fuel and emit no pollutants.\n<\/p>\n

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