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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

AEP Emphasizes Core Utility Operations

LCG, Jan. 24, 2002--American Electric Power Co. (AEP) announced that following a fourth-quarter loss of $837 million, it will sell domestic and overseas non-utility assets, many of which have recently fallen in value, and reduce its workforce by 1,300, or about 5%.

The company is reducing its dividend to 35 cents a share from 60 cents in order to improve liquidity and reduce borrowing costs. "The once flourishing wholesale market is no longer the promising business we contemplated three years ago," said AEP chairman, chief executive and president, E. Linn Draper Jr. The company, which has most of its power generation assets in the Midwest, has already reduced its trading operations, like many other energy companies hurt by a loss of investor confidence.

Draper noted that the company would be operating according to the "traditional model" of the regulated utility. While AEP has written off $1 billion in asset value this quarter in recognition of poor market conditions, it plans to sell subsidiaries such as AEP Coal at the best prices possible, without rushing to turn them into cash.
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