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

Cogentrix Puts Itself Up for Sale

LCG, Oct. 26, 2001--Cogentrix Energy Inc., the privately-owned independent power producer, has dropped plans for a public offering of its stock and has instead hired investment banker Goldman Sachs & Co. to find a buyer, Reuters news agency reported yesterday.

With the nation's stock markets in the doldrums, Cogentrix has scrapped plans for an initial public offering and instead expects to realize between $1.5 billion and $2 billion in a direct sale to an energy company looking to broaden its base in independent power production.

Cogentrix, which earned $51.5 million on revenues of $551 million last year, owns outright or has partial ownership in 28 power plants in 14 U.S. states. Its total generation capacity is about 7,800 megawatts.

Because Cogentrix is privately owned, financial information about the company is not available through usual channels, but Reuters said documents detailing the company's financial position have been floating on Wall Street.

At least three energy companies -- Dominion Resources Inc., Dynegy Inc. and El Paso Corp. -- are said to have expressed interest in Cogentrix.

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