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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

Court Ruling May Boost TXU Stranded Cost Recovery

LCG, Aug. 31, 2000A partial ruling yesterday by a Texas court could nearly quadruple the amount of stranded costs eligible for securitization by TXU Electric Co., the company said in a news release. TXU Electric is an operating subsidiary of TXU Corp.

The partial ruling by the Travis County Texas District Court reversed a portion of an order by the Public Utility Commission of Texas that used asset life for purposes of setting the value of strandable assets. That would essentially be depreciated book value based on straight-line depreciation over the life of an asset, which can be as long as 40 years.

The court believed that such valuation did not conform to securitization provision of the Texas electric industry restructuring law enacted last year, saying a present value period based upon stranded cost and regulatory asset recovery periods authorized under the restructuring statute should have been used.

TXU was careful to point out that the court did not set the valuation period to be used, but said that if the PUCT should use the alternative 12-year discounting period contained in its financing order, the amount to be securitized by TXU Electric would increase to $1.3 billion from $363 million.

The District Court indicated that it intended to enter a written final judgment September 5. TXU Electric said it will probably appeal the District Court's final judgment directly to the Texas Supreme Court.

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