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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

PG&E Creditors Approve CA Utility's Reorganization Plan

LCG, September 10, 2002-Creditors of the PG&E utility voted overwhelmingly in favor of the utility's plan to sell assets in order to recover from bankruptcy.

Pacific Gas & Electric utility declared bankruptcy in April last year after differences between wholesale electricity prices and retail price caps left it financially strapped. Earlier this year, U.S. Bankruptcy Judge Dennis Montali decided that creditors to the utility could vote on one of two plans intended to bring the utility out of bankruptcy.

The California Public Utilities Commission created one of the plans, which keeps the utility's assets under the control of California regulators, and the PG&E utility created the second plan, which involved splitting up assets into several companies, all but one of which would be moved beyond the control of state regulatory bodies.

Only one of the ten classes of the utility's creditors voted for the CPUC's plan. Energy Service Providers, or Class 7, voted against the utility's plan.

Although the utility is more than pleased by the overwhelming victory, the final decision over its $13.5 billion debt still lies with Judge Montali. Hearings on the plans are to follow.

The balloting was conducted by independent voting agent Innisfree M & A.

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