Duke Lands $835M Insurance Payout For Damaged Nuke Plant

Law360, Miami (February 5, 2013, 6:44 PM EST) -- Nuclear Electric Insurance Ltd. will pay $835 million in claims for repairs and power replacement costs stemming from the dormant Crystal River nuclear energy plant in Florida, which a Duke Energy Corp. unit said Tuesday would be permanently retired.

Progress Energy Florida Inc., a Duke Energy subsidiary, announced that it had reached a settlement with its insurer NEIL, which has already paid out $305 million in claims and, under the terms of a mediator's proposal, will pay an additional $530 million. The payout is the largest...
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