Two proposed nuclear reactors in Florida were put on hold this week after the Florida Public Service Commission denied the lion’s share of a rate increase necessary to fund the project’s construction. The utility Florida Power and Light (FPL) requested a record rate hike of $1.27 Billion, but was only granted a a $75.5 million base-rate increase. Stripped of their authority to make ratepayers bear the financial burden and risk of new reactors, FPL announced
it would halt $10 billion in projects, including plans to build two new nuclear reactors at the Turkey Point plant near Miami and upgrade two new generators.
If the economy improves, FPL can ask for a larger rate increase at a later date — but for the time being, this is a major victory for consumers and anti-nuclear advocates alike. Florida has seen the folly of forcing citizens to pay large rate increases and bear the long-term burden for risky investments in nuclear power — let’s just hope that the San Antonio City Council comes to the same conclusion. They’re set to vote on $400 million in bonds to continue their stake in two additional proposed reactors at the South Texas Nuclear Project facility later this month.
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