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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

Judge Denies Attempt to Block SoCal Ed Recovery Deal

KLCG, Nov. 29, 2001--Southern California Edison Co. said yesterday that an appeals court had denied a motion from an anti-utility activist group seeking to block a deal which the utility believes will save it from bankruptcy.

An agreement between the utility and the California Public Utilities Commission would allow the company to recover about $3.3 billion with which to pay debts that have it teetering on the edge of bankruptcy.

A group called Toward Utility Rate Normalization (TURN) had filed a motion to block the agreement with the Ninth Circuit Court of Appeals in San Francisco after federal judge Ronald Lew rejected a similar request.

John Bryson, chief executive of SoCal Ed's parent Edison International Inc., said "We and the CPUC continue to believe that the settlement is fair and reasonable to the parties, creditors and our customers and establishes a sound path to restoring (SoCal Ed's) financial health."

SoCal Ed estimates that it ran up debts of $6.35 billion subsidizing low electric rates for its customers. Under California's failed electric restructuring law, the state's three investor-owned utilities were forced to purchase wholesale power at market prices and sell the same power at rates frozen 10 percent below those in effect in 1997.

The scheme seemed to be working until it became apparent that California had insufficient generation resources to meet its demand. At that time, the law of supply and demand took effect and sent wholesale power prices soaring.

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