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

Dominion Resources to Buy Louis Dreyfus Gas

LCG, Sept. 10, 2001--Dominion Resources Inc. said on Monday it had agreed to acquire Louis Dreyfus Natural Gas for $2.3 billion in cash, stock and assumed debt in a deal that would increase its natural gas reserves by 60 percent and expand its fast-growing energy trading business.

Virginia-based Dominion said it would pay $890 million in cash and exchange 0.3226 of a share for each share in Oklahoma City-based Louis Dreyfus. Based on Friday's closing price for Dominion shares on the New York Stock Exchange, the stock portion of the deal would be worth about $900 million. Dominion would also assume $505 million in Louis Dreyfus debt.

Dominion said the deal would double its energy trading and sales volumes over 2000 levels to 2.4 trillion cubic feet per year from 1.2 trillion cubic feet per year and would give the company total daily energy production capacity of more than three trillion British thermal units.

Thomas E. Capps, chief executive of Dominion Resources, said that Louis Dreyfus et Cie and its subsidiaries, which own more than 42 percent of Louis Dreyfus Natural Gas' outstanding shares, have committed to vote their shares in favor of the deal.

Dominion expects the transaction to close before the end of this year. There is a $70 million break-up fee if something goes wrong.

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