Florida Citizens Organizing to Repeal Advanced Nuclear Cost Recovery
  • Costly Nuclear Power

    bank-cash1New nuclear power plants in Florida have a $40 billion pricetag and customers like you will be directly responsible for those costs. Massive cost overruns were common with the initial nuclear plants built in the U.S. and it doesn’t appear that the situation has improved, in spite of what the nuclear industry claims.

    For example, the costs for the two new Toshiba-Westinghouse AP1000 reactors that Progress Energy wants to build in Levy County, Florida have more than tripled since their initial proposal. In 2006, Progress projected a $6 billion cost for building the two reactors. Four short years later, that cost has skyrocketed to nearly $24 billion and the project is delayed 8 years!

    Unfortunately, the Florida Legislature approved nuclear cost recovery legislation to promote nuclear power, and now ratepayers are paying in advance to build new reactors. This could add almost $50 per month to Progress customers’ bills by 2020! And FPL customers aren’t immune either. If the utilities think nuclear is such a great idea, why are they shifting the financial burden onto the wallets of their ratepayers? Because investors (a.k.a Wall Street) won’t touch these risky projects! Wall Street still remembers the billions in loan defaults on nuclear projects back in the 1980’s.

    Adding insult to injury, these same tax-paying ratepayers are also footing the bill through federal loan guarantees. Put simply, when the utilities borrow for these risky projects, the federal government is backing them with our tax money. If the utilities default, the burden falls on the U.S. taxpayer to forgive the loans. You can read what former Nuclear Regulatory Commissioner Peter Bradford has to say about loan guarantees here and Taxpayers for Common Sense here.

    Want to do something about it? Contact your legislators today! Ask them to repeal nuclear cost recovery by supporting HB4003. Learn More Here!

     

    spill-sludgeAssessing the Risks of Nuclear Power

    Human eye Progress and FPL’s Nuclear Scam

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