Nuclear Costs Explode [View All]

http://www2.tbo.com/content/2008/jan/15/bz-nuclear-costs-explode/

Nuclear Costs Explode
By RUSSELL RAY, The Tampa Tribune
Published: January 15, 2008

Progress Energy Florida is going to have to spend more than originally planned to build two nuclear reactors in Levy County, the utility's top executive said.

The St. Petersburg-based utility won't disclose how much more expensive the project will be until it's presented to state regulators within 90 days. Based on new industry estimates, the revised cost could be two to three times more expensive than the projection Progress issued more than a year ago.

<snip>

FPL, based in Juno Beach, said recently that the "overnight cost" of its two-reactor project would range from $12 billion to $18 billion, more than twice as high as Progress Energy's December 2006 estimate. Overnight estimates exclude the interest paid on the loan and are based on commodity prices when the estimate is made.

<snip>

"Moody's is closer to the reality we're seeing," said Michael Mariotte, executive director of the Nuclear Information and Resource Service, a nonprofit group opposed to nuclear power. "Even before they start building, the costs are going up. Meanwhile, the cost for solar, wind and energy efficiency are on a downward trend."

<snip>