Nuclear Power: PSC credits $54MM to Duke Energy customers

Source:Florida Public Service Commission

The Florida Public Service Commission (PSC) has ordered a $54 million credit to Duke Energy customers for the Levy Nuclear Project. (Image: Artist’s rendering of the proposed Levy Nuclear Project)

The three-member panel of the Florida Public Service Commission (PSC) has ordered that a credit be given to Duke Energy Florida (NYSE: DUK) customers for $54 million dollars in equipment that was never received for the defunct Levy Nuclear Project. In 2013, Duke Energy terminated the engineering, procurement and construction (EPC) agreement for the proposed 1,100 MW nuclear power plant, as part of a settlement with PSC.

Commissioner Julie I. Brown stated "We need to pause here and reflect on what is fair, just and in the public interest. $3.45 per month may not seem like a lot to some people, but it means everything to Duke's customers. Customers shouldn't have to pay for something that was never delivered on."

The $3.45 a month was initially agreed to in order to recover remaining costs associated with the LNP project. Once the remaining costs are recovered, customers should expect that this charge will be removed from their bills. Because of this credit, the charge will now be removed much earlier than was anticipated under the prior Settlement Agreement.

"The Commission has the authority to order Duke to make this adjustment, and it is the right thing to do" said Commissioner Eduardo E. Balbis

Added Commissioner Ronald A. Brisé, “This adjustment is within the authority of the Commission and was contemplated in the most recent Duke settlement agreement. The Commission is cognizant of the impact of this decision on Duke’s ratepayers who have carried a significant financial load without the benefit they thought they would receive. I believe that this result is fair and reasonable and that it adequately reflects the intentions of the Legislature when the NCRC was created.”

Duke Energy Florida, the state's second largest investor-owned utility, serves 1.7 million customers.

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