Today, Florida Power & Light customers enjoy the lowest electric utility bills in the state of Florida because of the investments we have made to upgrade, modernize and strengthen our energy infrastructure.
Right now, we have completed the immense upgrades to our existing nuclear facilities and are in the process of licensing two new nuclear units at the existing Turkey Point site to ensure that FPL customers continue to benefit from clean, affordable, reliable electricity for decades to come.
Why FPL is investing in nuclear power
- Save customers money: Over their lifetimes, FPL’s nuclear projects will save customers more than they cost to undertake. To ensure that customers continue to benefit from these investments, FPL performs an internal cost-benefit analysis of each project every year. This information is presented to the Florida Public Service Commission.
- Reduce dependence on fossil fuels: Generating more energy from clean, safe nuclear power reduces the need for other fossil-fuel sources like foreign oil, coal and natural gas. In fact, since 2001 FPL has reduced its use of oil as a fuel by more than 98 percent.
- Protect Florida’s natural environment: Because nuclear plants do not emit greenhouse gases, FPL’s upgrades to existing nuclear facilities and construction of new nuclear units will reduce carbon dioxide emissions by millions of tons. This is equivalent to taking millions of cars off the road.
Turkey Point’s new nuclear units: What customers pay for and when
- Today: FPL customers pay for costs that FPL is using to obtain the necessary licensing in order to create the opportunity to build the proposed nuclear units.
- During construction: FPL assumes the risk of borrowing the billions of dollar that would be necessary to build the units. Customers only pay for some of the financing charges to help keep the interest costs from piling up. This will help keep the in-service costs lower for customers after the units go into service.
- When in operation: Customers would begin to pay back FPL’s cost of building the new nuclear units ONLY AFTER the new units begin operating. Costs would be spread out over decades to minimize the actual customer monthly bill impact.
Importantly, the reductions in fossil fuel charges outweigh the cost of the project.