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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

New Jersey Utilities Apply for Rate Increases

LCG, September 17, 2002--Utilities in New Jersey which have been required to keep charges to customers under rate caps, want to recover costs they have incurred in supplying power.

The state's Board of Public Utilities has required audits of $1 billion in expenses at four utilities, including Conectiv, Jersey Central Power & Light, Public Service Electric and Gas, and Orange and Rockland Utilities. The audits are being conducted by Mitchell & Titus LLP, and Larkin & Associates.

New Jersey's electricity market has been in a transitional mode, which is scheduled to end Aug. 1, 2003. Since retail rate caps were in effect while the utilities had to pay higher prices for gas last year, utilities were allowed to securitize unreimbursed expenses two weeks ago under a new law. In effect, bonds can be issued which will effectively speed the recovery of costs.

Retail caps in the state were not simply set based on the historical rates, but were mandated to be lower. The current audits may lead to retail rates returning to their historical levels, if not going higher.
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