Utility To Refund $288M For Closed Nuke Plant Costs

Law360, New York (February 22, 2012, 10:08 PM EST) -- Florida's Public Service Commission on Wednesday approved a settlement with Progress Energy Florida Inc. that will refund $288 million to customers who are paying for replacement power because the utility's Crystal River nuclear plant has been offline since 2009 due to structural problems.

The figure represents only a portion of the replacement fuel costs and will still lead to a rate increase for PEF customers in 2013, according to the PSC. However, the settlement removes the Crystal River plant from PEF's base rates while the utility...
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