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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

SEC, Banks Arrive at Enron-Related Settlement

LCG, July 28, 2003--An investigation by the Securities and Exchange Commission into financial deals arranged by J.P. Morgan Chase and Citigroup for bankrupt Enron Corp. has resulted in the banks paying $255 million in settlements, without admitting or denying wrongdoing.

J.P. Morgan and Citigroup arranged structured finance deals for Enron that members of Congress as well as the S.E.C. have said were intended to mask the extent of loans to Enron, and represent financing activities as operating cash flows. The securities regulator concluded that J.P. Morgan Chase and Citigroup were aware that the deals did not provide an accurate picture of the health of the energy company. In addition to transactions involving Enron, Citigroup also conducted deals for Dynegy. The settlement reached by Citigroup ends investigation into those financing deals as well.

J.P. Morgan Chase will pay $135 million, while Citigroup will pay $120 million to compensate Enron and Dynegy investors, with total amounts to the two groups of $236 million and $19 million respectively. New York State and New York City will each also receive $12.5 million from both energy firms, which will cover the costs of the investigations.

In one deal J.P. Morgan Chase organized for Enron, a $375 million load to be repaid over five years was accompanied by a $1 billion loan secured by a $1 billion deposit by Enron with J.P. Morgan Chase, which was extended and repaid in a single day. By representing interest payments on the smaller loan as being interest on the larger loan, Enron realized $125 million in Canadian tax benefits. Chase received a $5 million fee for its services. Experts who commented on the deal before it was conducted said that it was likely that Revenue Canada would become aware of and dispute the transaction under anti-avoidance statutes.

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