Florida Power & Light on Tuesday won state approval to build the state's first new nuclear plants in more than two decades.
The unanimous decision from the Florida Public Service Commission paved the way for the utility to build two new nuclear plants at its Turkey Point power station, 25 miles south of Miami. It also signaled the state's unwavering support for new nuclear power, despite cost estimates that have tripled in little more than a year.
The project could cost $12-billion to $24-billion, depending on the type of reactor FPL selects. It would be among the largest investments ever undertaken by the nation's electric industry, and perhaps the most expensive construction project ever built in Florida.
"This is a critical first step toward securing Florida's future with additional energy that is safe, reliable, cost-efficient and clean," FPL president Armando Olivera said.
The decision Tuesday is good news for St. Petersburg-based Progress Energy Florida. The utility last week asked the commission for approval to build two new reactors in Levy County, several miles north of its Crystal River power station. Hearings on its case are slated to start in May.
Progress Energy estimated the cost at $17-billion, although it insisted that the estimate is "non-binding" and could go much higher. The cost has tripled since the utility announced its plans in late 2006.
Despite the rising cost, nuclear could prove to be cheaper in the long run, especially if natural gas prices continue to rise and if utilities are forced to reduce greenhouse gas emissions, the state's PSC emphasized. Florida also needs to diversify its fuel supply, reduce greenhouse gas emissions, and ensure reliable power for its growing population.
Asjylyn Loder can be reached at aloder@sptimes.com or (813) 225-3117.
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