Levy Reactor Completion Pushed to 2024, Costs Rise
On Tuesday Progress Energy raised its cost estimate for two reactors it wants to build in Levy County, Fla.In a filing with Florida regulators, the utility said it has pushed back the completion date for the first unit from 2021 to 2024, with the second unit coming online 18 months later. The delay and its associated financing are expected to raise the cost of the project by about $2 billion, to between $19 billion and $24 billion.
Levy Reactor Completion Pushed to 2024, Costs Rise
On Tuesday Progress Energy raised its cost estimate for two reactors it wants to build in Levy County, Fla.
In a filing with Florida regulators, the utility said it has pushed back the completion date for the first unit from 2021 to 2024, with the second unit coming online 18 months later.
The delay and its associated financing are expected to raise the cost of the project by about $2 billion, to between $19 billion and $24 billion. "The Levy County nuclear project continues to be the best long-term baseload generation option for Florida when evaluating cost, potential carbon regulation, fuel price volatility and the benefits of fuel diversification," Progress Energy Florida CEO Vincent Dolan said in a release. It listed lower-than-projected customer demand, the economy, uncertainty surrounding future carbon regulation and low natural gas prices as reasons the company chose to delay the plant.
In a filing with Florida regulators, the utility said it has pushed back the completion date for the first unit from 2021 to 2024, with the second unit coming online 18 months later.
The delay and its associated financing are expected to raise the cost of the project by about $2 billion, to between $19 billion and $24 billion. "The Levy County nuclear project continues to be the best long-term baseload generation option for Florida when evaluating cost, potential carbon regulation, fuel price volatility and the benefits of fuel diversification," Progress Energy Florida CEO Vincent Dolan said in a release. It listed lower-than-projected customer demand, the economy, uncertainty surrounding future carbon regulation and low natural gas prices as reasons the company chose to delay the plant.
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