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Denied a Rate Increase, FPL Suspends Huge Building Plan

Publication Date: 1/25/2010
Author: Scott Judy
Format: HTML

Description:
Florida’s transition to more efficient and clean energy production hit a speed bump last month when Juno Beach, Fla.-based FPL Group said it would immediately halt work on approved nuclear and modernization projects that collectively totaled as much as $20 billion. The sudden move came on the heels of the state Public Service Commission rejecting FPL’s requests for rate hikes totaling more than $1 billion. FPL Group Chairman and CEO Lew Hay cited the decision as evidence of a deteriorating regulatory climate in Florida that “is increasingly hostile to investment.” The largest projects are two additional nuclear units at the utility¹s existing Turkey Point complex in Miami. The work, granted PSC approval in 2008, would have added 2,200 megawatts of nuclear-generating capacity. FPL estimated the cost of the project at between $12 billion and $18 billion. FPL also halted two modernization projects at its existing Riviera Beach and Cape Canaveral plants, as well as a proposed natural gas pipeline and what it termed “numerous discretionary infrastructure projects.”

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