Funding Suspended for Florida Electric Projects
FPL Group says it's suspending about $10-billion in capital projects in Florida over the next five years.
That's because state regulators denied a rate increase to its electric utility, Florida Power and Light.
The Juno Beach-based electricity producer says those projects would have included new reactors at the Turkey Point nuclear plant, a natural-gas pipeline, and upgrades to the transmission and distribution systems.
Florida Power and Light had requested a nearly $1.3 billion rate increase, but the state's Public Service Commission rejected all but about $75-million of that.
FPL Chairman Lewis Hay now tells Dow Jones Newswires the company's investors aren't willing to fund investments in an environment that he calls "politically charged and anti-utility."
FPL Group says it will still pursue a federal license for two new nuclear reactors at Turkey Point, but won't go beyond what's required to receive the license.
Source: Nasdaq
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Related Keywords: Politics, Power Generation (Nuclear), Industry (Nuclear), Production & Supply (Natural Gas), States/Regions (Politics), Industry (Natural Gas), Natural Gas, Nuclear, Clean Skies News; compiled from other sources, Clean Skies News, electricity, Florida Power and Light, FPL, Lewis Hay, natural gas, nuclear, Turkey Point
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Way to go PSC!!! The
Way to go PSC!!! The republican leg. passed a bill saying the rate holder/customers had to pay for the new projects in advance without even owning them. We pay for it and it's given to them?
This cuts that back to where it was before, the utility built generation, then charged for it's use. We were giving 4 reactors away for free!! Plus most anything Fla utilities wanted to build on our dime.
I wonder how the Leg will take this in march!! It's a voting yr but I'm going to remind everyone who voted for the 29% utility bill increase with no benefit.