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

Two Former Coastal Corp. Traders Accused of Fraud

LCG, Oct. 30, 2001--The U.S. Commodity Futures Trading Commission yesterday accused two energy traders with defrauding their former employer, Coastal Corp., in an illegal trading scheme five years ago.

Clay Krhovjak and Paul Cochran, who were vice presidents with Coastal's commodity futures trading desk in Houston at the time, were responsible for placing trades with the New York Mercantile Exchange.

They are charged with moving $89,228 from successful Coastal trades into straw man accounts, thus shifting Coastal's profits to themselves.

The Commission said in its complaint that the scheme "ensured Cochran, Krhovjak and other participants risk-free personal profits." The two could face civil penalties and trading prohibitions if found guilty.

Cochran and Krhovjak have already pleaded guilty in a U.S. District Court in Texas. In September of last year, both pleaded guilty to conspiracy to commit commodities fraud, with sentencing expected early next year.

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