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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

State Hearings Set for Virginia Power Restructuring

LCG, Feb. 23, 2001The Virginia State Corporation Commission will begin hearings in October on a restructuring plan by Virginia Electric & Power Co. aimed at getting the company ready for a competitive electric generation market, Virginia Power said yesterday in a news release.

The 1999 Virginia Electric Utility Restructuring Act requires electric utilities to "functionally" separate their business functions so that generation can operate in a competitive market while transmission and distribution of electricity remain regulated. The law does not require a utility to sell off or transfer its power plants.

Virginia Power, a subsidiary of Dominion Resources Inc., wants to transfer $6.7 billion in generation assets to a new sister company, Dominion Generation Corp. Those assets presumably include the company's 1,900 megawatt, two-unit North Anna nuclear power plant north of Richmond and its 1,650 megawatt, two-unit Surry nuke near Newport News.

Virginia Power would not, however, transfer some $3.8 billion in long-term debt to Dominion Generation. If all or part of the debt consists of the unpaid portion of bonds issued to build the power plants, Virginia regulators may take a closer look at the restructuring plan.

The Corporation Commission will have to complete its hearing and issue an approval by the end of the year because under the restructuring law Virginians are slated to begin having the opportunity to choose their sources of electricity by next January 1. All customers of all classes will have the ability to choose by 2004.

Under the state law, Virginia Power will become distribution company only, and purchase power in the wholesale market for delivery to its retail customers. In practice, the utility would get all of its power from Dominion Generation.

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