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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

Enron Shares Slide Below $10

LCG, Nov. 7, 2001--Shares in Enron Corp., once the darling of Wall Street, slid below $10 for the first time in ten years yesterday as the huge energy company struggled to shore up its balance sheet and calm the nerves of investors shaken by what appear to be shady business deals.

Enron stock closed down $1.50 yesterday on the New York Stock Exchange, a drop of 13.4 percent. The closing price of $9.67 is the lowest since May 1992, and that's when Enron was HNG/Internorth Inc.

The company has been unable -- or unwilling -- to explain how off-the-balance-sheet transactions could reach both the income statement and the balance sheet. The deals resulted in a $1 billion charge against earnings and a write-down of $1.2 billion in shareholder equity.

Those transactions, made with partnerships headed by Andrew Fastow, who was at the same time chief financial officer of Enron, are the target of an investigation by the U.S. Securities and Exchange Commission.

Fastow was placed on unpaid leave of absence in late October and replaced as chief financial officer. But it was an earlier departure that first raised eyebrows.

In August, Jeff Skilling, heir apparent to Chairman Kenneth Lay, abruptly resigned as chief executive saying only that he wanted a change of lifestyle. He may have envisioned at the time the lifestyle now being suffered by lay, who resumed the role of chief executive -- a lifestyle that includes answering embarrassing questions posed by federal investigators and reporters.

Industry observers feel that Enron isn't coming clean. "Senior people (are) making pronouncements without fully understanding the nature of what they're talking about and that in turn gives the impression that they're hiding something," said one.

Still, last year Enron earned $1.4 billion on revenues of $100 billion. Behind the perceived obfuscation lurks a pretty good company.

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