Florida’s Public Service Commission (PSC) by a 3 to 2 vote today approved Florida Power & Light Company’s (FPL) Motion of Stipulation and Deferral for nuclear cost recovery. The Stipulation allows the Commission to further investigate actual and proposed costs for the company’s nuclear projects while also protecting ratepayers.
Supported by the Office of Public Counsel and Florida Industrial Power Users Group, the Stipulation permits the Commission to determine prudence and reasonableness of FPL’s nuclear costs during nuclear cost recovery hearings next year. In January, a typical 1,000 kilowatt-hour FPL customer bill will reflect a monthly increase of 33 cents for carrying charges and other nuclear expenses. Costs recovered from ratepayers will be subject to refund with interest pending further review.
In July, Commission audit staff requested more time to further investigate costs associated with the uprate of FPL’s St. Lucie nuclear plant. The Stipulation will afford all parties more time to investigate these costs as well as preconstruction costs for the company’s Turkey Point Nuclear Units 6 and 7.
The Commission is required by rule to conduct a hearing each year by October 1 to review the nuclear project costs for Florida’s investor-owned utilities. Evidence on Progress Energy Florida’s (PEF) actual and projected costs for its Crystal River and Levy County plants concluded during the Commission’s Nuclear Cost Recovery Hearing in August. On October 12, the Commission is scheduled to vote on PEF’s nuclear costs and any other outstanding nuclear issues.