Duke Energy to cancel proposed Levy County nuclear plant, Fasano says

[bananas]

Source: Tampa Bay Times

Duke Energy will kill the $24.7 billion nuclear plant it planned to build in Levy County, according to state Rep. Mike Fasano.

"It's my understanding from a very good source that Duke Energy will announce after the close of the markets today that they will not be building the nuclear power plants in Levy County," said Fasano, R-New Port Richey.

Duke spokesman Sterling Ivey told the Tampa Bay Times the utility is issuing a press release about an announcement at 4:15 this afternoon.

<snip>

Under a controversial Florida law, consumers have been paying for Levy in advance of construction. Legislators promised the "advance fee'' would get nuclear projects built both faster and cheaper.

<snip>

Read more: http://www.tampabay.com/news/business/energy/duke-energy-to-cancel-proposed-levy-county-nuclear-plant-fasano-says/2134287

[Kelvin Mace]

1. Here are the money quotes

The bottom line: Duke customers may end up paying roughly $3 billion for Crystal River and Levy.

The advance fee law does not require Duke to refund any of the money that has already been spent on the Levy project.

They want to cut $40 billion from food stamps, meanwhile they let Duke Power steal $3 billion right out of people's pockets.

[bananas]

2. "Shame on Duke Energy, Progress Energy for taking the public on this ride" - Fasano

"Shame on Duke Energy, Progress Energy for taking the public on this ride knowing that they were never going to build the nuclear plants,'' Fasano said. "Shame on them."

Fasano called for the state Public Service Commission and the Legislature to conduct a full investigation into Duke's failed nuclear projects.

[Harmony Blue]

3. Fasano is my rep

and he is the rare R that actually has some principles left.

[Fuddnik]

5. Mine too.

He is a rare one. He sure doesn't get along with Rick Scott.

[wordpix]

14. he's an R? He IS rare

[Fuddnik]

4. But, they're going to get to keep the money they've been charging us.

I hope it's true.

I was one of the original 5 plaintiffs in the class action lawsuit against them (Progress Energy). When it got tossed at the federal level, the attorney's refiled with new plaintiff, one of whom is my wife.

[bananas]

6. Thanks for taking them on. nt

[Kelvin Mace]

7. Ah, "free" market capitalism

Me: I won't build that reactor for $300 million!

My wife: I won't build that reactor for $30 million!

My cat: I won't build that reactor for $3 million!

Florida Utility Commission: Don't build the reactor!!

My cat: Will you be paying by cash or check?

[FBaggins]

8. Except that it isn't.

In a free market, power companies would compete with one another on prices and service and would build plants as they needed then... taking the entire risk on themselves (and reaping any rewards).

Intead... this is essentially a government-sanctioned monopoly (hardly free market capitalism)... they can only charge what they're permitted to charge and the only way they get a profit is by the government allowing them to keep a certain percentage above their costs (oversimplification... but essentially correct).

So what's the incentive? To sell as much power as possible... and rack up costs as well. Because they have no pressure to keep costs down (lacking free market competition) and their clients have nowhere else to go and the government sets the rates. And they make a profit either way.

Quite a gig if you can get it.

[Kelvin Mace]

11. You do realize I was being sarcastic

Right?

[FBaggins]

12. I did... but in the other direction.

You could have been saying "see what free market capitalism gives us?" or it could have been "and we think we live in a free market"

Apologies for infering the wrong one.

[Kelvin Mace]

13. I though I was safe

from the need to use the sarcasm marker since I was talking about my cat getting $3 million for not building a nuclear reactor.

[wordpix]

10. Thank you, Fuddnik, you are a real patriot

Your wife, too.

[wordpix]

9. Let this be a lesson, Barack Obama; O wants $36 billion in taxpayer guaranteed loans for new nukes

It was $60 billion or so but he cut his "ask" after Fuku. He needs to get off the nuke bandwagon NOW before he looks like an even bigger fool on this issue than he already does.

http://www.huffingtonpost.com/harvey-wasserman/obamas-36-billion-nukepow_b_823262.html