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No decision yet from Progress Energy on crippled Crystal River nuclear power plant

4:12 PM, Jan 7, 2013   |    comments
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Tallahassee, Florida - Progress Energy has not decided yet if it will repair or retire the damaged Crystal River nuclear power plant.

The plant has been shut down since 2009 because of a botched repair job. On Monday, Progress said it would make that decision by this summer.

The utility also continues mediation talks with its insurer about insurance payments.

The estimated cost of fixing the plant is between $1.5 billion and $3.4 billion.

The Florida Industrial Power Users Group is offering its opinion in the case. Spokesman Jon Moyle says Progress customers have paid for insurance coverage and the insurer should pay the claim.

"We want to make sure that the insurance proceeds, that ratepayers' money has paid for, that they are there and that most of those dollars, if not all, will benefit the ratepayers. So we're very focused on making sure the insurance proceeds are paid out and are available to defray the cost for ratepayers."

Progress Energy's insurer is Nuclear Electric Insurance Limited (NEIL).

The company is headquartered in Bermuda and is not licensed to sell insurance in Florida. That complicates the case somewhat because the state of Florida has no power over the insurance company.

Progress Energy serves about 1.6 million customers in Florida.

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