By Editors of Power Engineering
Florida Power & Light Co. announced plans to retire the Cedar Bay Generating Plant, a 250-MW coal facility in Jacksonville, on December 31.
FPL purchased the plant and CBAS Power Inc., the indirect owner of the plant, in 2015 for $520.5 million, with the intention of shutting it down. At the time of the purchase, the utility estimated it would be retired within two to three years.
In a statement, FPL said that the company purchased the plant because it was obligated to purchase power from CBAS, and that agreement had become uneconomical due to investment in less expensive, lower-emission energy.
"Buying and shutting down old, inefficient coal plants is unprecedented in America," said Eric Silagy, president and CEO of FPL. "I'm very proud of our employees for proposing this innovative approach that's environmentally beneficial and saves customers millions of dollars."
The utility noted the closure will save FPL customers over $70 million, and eliminate one million tons of carbon emissions annually.
FPL is in the process of purchasing another coal-fired plant in Indiantown, Florida, with the intent of shutting it down by 2018.