Progress Energy Florida expects it will take nine years to build a $17 billion nuclear plant in Levy County.
Under state law, however, the St. Petersburg-based utility can begin recovering its costs years before the first watt of power is produced. Starting next month, the utility will add $11.42 to the cost of 1,000 kilowatt hours.
But two local lawmakers, state Sen. Mike Fasano of New Port Richey and state Rep. Peter Nehr of Tarpon Springs, have asked Progress Energy to suspend its plan to recover the costs in advance. The added cost, they said, would increase the financial burden of consumers who are struggling to pay bills.
"The very people who will be paying these rates are the people who are losing their homes, desperately scraping together enough money to pay their rent and buy food for their children," said Fasano, who voted for the 2006 law that allows Progress Energy to recover its costs early.
Without early cost recovery, Progress Energy said, customers would pay a lot more for electricity because the utility would have to borrow more money. The Legislature approved the law to help utilities absorb the cost of building a nuclear plant.
"This policy was enacted to encourage nuclear investment, decrease dependence on fossil fuels and minimize fossil fuel rate volatility for customers," Progress Energy said in a statement.
Progress Energy is Central Florida's largest power provider, serving 1.7 million customers.
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