Florida regulators approve cost recovery for NextEra nuclear improvements

The Florida Public Service Commission (PSC) approved cost recovery of $43.4 million for construction of planned nuclear generation and improvements to existing nuclear units for NextEra Energy Inc's Florida Power & Light Co unit.

The cost recovery amounts include costs for investments in FPL's planned Turkey Point Units 6 and 7 and adding about 500 MW of capacity to existing Turkey Point Units 3 and 4 and St. Lucie Units 1 and 2.

When completed, these projects are expected to add over 2,700 MW of new nuclear generation to FPL's system, enough to power 1.4 million homes.

FPL proposed to build two Westinghouse 1,117-MW AP1000 reactors at Turkey Point. Westinghouse is a unit of Toshiba Corp.

FPL has not decided to build the new reactors, but has said the two units 6 and 7 would cost about $12.8 billion to $18.7 billion and could enter service around 2022 and 2023.

Florida allows utilities to recover the cost to build or upgrade nuclear reactors before the projects enter service to help offset financing and other costs.

The PSC said FPL residential customers using 1,000 kilowatt hours of electricity will see a monthly nuclear cost recovery charge of about 46 cents beginning in January 2014, reflecting a $1.19 decrease from the current charge.

The Florida Legislature reduced FPL's total recovery by $1.6 million due to adjustments in calculating carrying costs, the PSC said.

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