NextEra Energy, Inc. (ticker: NEE, exchange: New York Stock Exchange (.N))
News Release -
PSC Approves Need Determination Request For FPL's Turkey Point Unit 5 Expansion Plan
JUNO BEACH, Fla.--(BUSINESS WIRE)--June 2, 2004--The Florida
Public Service Commission today unanimously approved Florida Power &
Light Company's (NYSE:FPL) proposed Turkey Point power plant expansion
plan as the best, most cost-effective project to meet customer needs
for electricity beginning in 2007.
The unit was selected after being compared to more than 40
options, both FPL self-build alternatives and options from independent
power producers gathered through a competitive capacity solicitation
and an FPL assessment of the market. Numerous combinations were
analyzed and FPL's Turkey Point unit was the most cost-effective
option by at least $271 million over the life of the unit. This was
confirmed by an independent evaluator.
"We are pleased that the PSC, after thoroughly reviewing the
testimony and data provided over the past several months, affirmed
that building the Turkey Point project offers the best, most
cost-effective and reliable option for our customers," said Armando
Olivera, FPL president. "FPL's proposed Turkey Point unit will use a
proven technology that will result in a very efficient, highly
available and therefore low-cost source of electricity readily
available to serve the increasing needs of our customers in South
The proposed Turkey Point project is a state-of-the-art, natural
gas-fired combined-cycle generating unit capable of delivering
approximately 1,100 megawatts of power capable of serving the
equivalent of approximately 230,000 homes and businesses. The project
is expected to cost nearly $600 million.
"In our discussions with the community in south Florida to date,
many people have told us they recognize the need for more power in
south Florida to meet growth and maintain reliability, and that it
makes sense to make use of an existing site rather than use new land
resources. We're pleased that the PSC today has moved us one more step
closer to making that happen," Olivera said.
The PSC's decision, along with project recommendations from other
state agencies, including the Department of Environmental Protection,
are all needed to complete Florida's comprehensive power plant site
certification process. The state process includes a hearing by an
administrative law judge scheduled for September 7-10, followed by
review and a final decision on the project from the governor and
Cabinet. That review is expected to take place early next year.
Additional approvals also are needed from several federal agencies.
Florida Power & Light Company is the principal subsidiary of FPL
Group, Inc. (NYSE:FPL), nationally known as a high quality, efficient
and customer-driven organization focused on energy-related products
and services. With annual revenues of more than $9 billion and a
growing presence in 26 states, FPL Group is widely recognized as one
of the country's premier power companies. Florida Power & Light
Company serves more than 4.2 million customer accounts in Florida. FPL
Energy, LLC, FPL Group's wholesale electricity generating subsidiary,
is a leader in producing electricity from clean and renewable fuels.
Additional information is available on the Internet at www.FPL.com,
www.FPLGroup.com and www.FPLEnergy.com.
CONTACT: Florida Power & Light Company, Miami
Corporate Communications Dept.
Bill Swank, 305-552-3888
SOURCE: Florida Power & Light Company