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NRC Issues Subsequent License Renewals for First Time to Nuclear Reactors in Florida

LCG, December 11, 2019--The Nuclear Regulatory Commission (NRC) staff recently approved Florida Power & Light's (FPL's) application for an additional 20 years of operation for Turkey Point Nuclear Generating Units 3 and 4. This is the first time the NRC has issued renewed licenses authorizing reactor operation from 60 to 80 years. The subsequent (or second) license renewals (SLRs) for Turkey Point Unit 3 and Unit 4 now expire on July 19, 2052 and April 10, 2053, respectively.

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New York Poised to Close Last Coal-fire Power Plant

LCG, December 4, 2019--The last operating coal-fired power plant in New York is moving toward closure shortly. Last month, Somerset Operating Company, a subsidiary of Riesling Power LLC, submitted a request to the New York State Public Service Commission (NYSPSC) to waive the state's required, 180-day notice to close the Somerset Station, allowing the facility to be retired on February 15, 2020. Closure is contingent on approvals by both NYSPSC and the New York Independent System Operator (NYISO), which will evaluate if it will cause an adverse effect on grid reliability.

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Industry News

Lenders May Vote Today on Fate of Enron India Plant

LCG, May 17, 2001Lenders to the Dabhol Power Project owned by Enron Corp. in India will decide today whether to cancel the project's contract to sell power to the Maharashtra State Electricity Board, Indian newspapers said this morning.

Discussions yesterday, involving only one Indian lender, the State Bank of India, and foreign lenders, deferred a decision until today when India's Industrial Development Bank, the Industrial Finance Corp. of India, Canara Bank and ICICI Bank Ltd. will participate.

Indian financial reporters expect the lenders to authorize Dabhol Power Co. to issue a notice to terminate the contract with the MSEB, but the Indian lenders are expected to oppose the proposal. Unlike the foreign financial institutions, they do not have their loans backed by the Indian government's sovereign guarantee.

Dabhol Power is India's single largest foreign investment. The 740 megawatt first phase of the plant went into production last year and Enron, the MSEB, the state of Maharashtra and the Indian government have been feuding ever since as Enron's Indian customers have proved to be reluctant to pay their electric bills.

Next month, with the completion of the second phase of the project, Dabhol's capacity will more than triple to 2,184 megawatts, and now the MSEB says it doesn't need the power, even though it agreed in 1995 to purchase all the output of the huge plant.

With their federal guarantees, foreign investors could walk away from Dabhol more or less whole, but Indian lenders have an exposure of about $1.4 billion.

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