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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

Companies Launch Voluntary Emission Trading Exchange

LCG, Jan. 17, 2002--A consortium of mostly US-based companies, as well as the cities Chicago and Mexico City, have announced their membership this week in the Chicago Climate Exchange (CCX), a voluntary organization whose members will trade allowances to emit greenhouse gases as part of a four-year pilot program.

Organized by Dr. Richard Sandor, who set up the international market in interest-rate derivatives, the exchange includes as founding members American Electric Power (AEP), Manitoba Hydro and BP, among others. Participants agree to a binding, aggregate reduction of 4 percent in greenhouse emissions compared with 1998-2001 averages, to be achieved by 2006. One reason for the participation of some members with operations in multiple countries is a desire to receive credit for overall reductions under the Kyoto Protocol, rather than needing to meet specific requirements within the borders of each participating country. The Kyoto Protocol, by which countries would be bound to reduce greenhouse emissions below 1990 levels, now requires Russia as a signatory to become enacted.

The CCX would allow credit for offsets as well as reductions of emissions. These could be achieved by non-carbon-based renewable energy development, eliminating the release of methane from landfills or agricultural operations, and by planting trees, mainly if not exclusively in the US and Brazil. Overall, the companies involved in the legally binding agreement emit 700 million tons of carbon dioxide annually. Trading will be faciliated by an Internet-based platform.

Many of the companies involved, which include Dupont and Ford Motor Company, would like to influence how any mandatory "cap-and-trade" programs covering greenhouse emissions in the US are implemented, and hope that experience gained in the CCX will serve as an advantage, should such legislation be enacted.
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