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Progress Energy Provides Update On Crystal River Nuclear Plant Outage

Stocks in this article: PGN

CRYSTAL RIVER, Fla., June 27, 2011 /PRNewswire-FirstCall/ --

Highlights:

  • Initial plan favors repair of plant containment structure
  • Under plan, company estimates nuclear plant would return to service in 2014
  • Repair cost estimate between $900 million and $1.3 billion
  • Announces webcast and conference call Tuesday, June 28, at 10 a.m. ET

Progress Energy Florida has provided an update to the Nuclear Regulatory Commission (NRC) and the Florida Public Service Commission (FPSC) regarding the status of its Crystal River Nuclear Plant.  Based on an initial review, the company believes that repairing the unit is the best option, and is taking steps to complete more detailed engineering and construction analyses. At this time, the company estimates that the unit would return to service in 2014.

(Logo:   http://photos.prnewswire.com/prnh/20020923/CHM008LOGO-c )

Progress Energy will meet with the FPSC July 14 to discuss the company's plan in more detail and determine the appropriate timing for moving forward, in coordination with regulators.

"This would be a major repair, requiring significant cooperation and coordination with state and federal regulators and others," said Vincent Dolan, Progress Energy Florida president and CEO. "Based on our initial review, our objective is to return the plant to service to ensure that it continues to be a safe, dependable and emission-free resource to meet our customers' energy needs reliably and affordably for many years to come. The Crystal River Nuclear Plant is our least-cost resource to operate, and with it in service, our customers save about $300 million a year in fuel costs. That translates to significant savings over the life of the plant.

"In the meantime, nuclear safety remains our top priority. The plant remains shut down and in a safe condition. We will continue to provide energy from other company and purchased resources to meet our customers' needs for reliable electricity."

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