Duke Energy Gets More Money

The Florida Public Service Commission agreed to allow Duke Energy to continue to charge customers for the Levy County nuclear power plant. The kicker is Duke Energy has announced they will never complete the power plant. Duke Energy customers will be paying an extra $108 million for an imaginary power plant.

The decision by the PSC will add 89 cents a month for 1,000 kilowatts of energy to current bills for customers. The commission concluded they had no other option based on a state law that allows utilities to charge customers in advance for nuclear power plants, regardless of whether the are built or not, and a settlement agreement relating to the broken Crystal River plant. Together the cost to customers for both failed projects will amount to about $3.2 billion.

Duke Energy will be legally allowed to keep this revenue. To make matters worse: the state still owesDuke Energy $1.5 billion for this power plant that will never exist. The reason Duke Energy can get this money is former Gov. Charlie Crist and the Florida legislature made this sweetheart deal legal.

Duke Energy Makes Money Doing Nothing

The Florida legislature had the anti-free market idea to raise rates and get tax dollars to build a nuclear power plant in Levy County. Duke Energy has announced that they will not build the power plant in Levy County. Through rate hikes and a utility tax, Duke Energy keeps revenue that was suppose to go to construction of the power plant. What is even more insane is that the state still owes Duke Energy $1.5 billion. This is crony capitalism at its worst.

State Rep. Mike Fasano is calling for an investigation.

“Duke Progress have not been honest with the customers, legislature and the Florida Public Service Commission,” said Fasano. “I have unsuccessfully tried to repeal the cost recovery tax – I have said many times Duke Progress would never build the nuclear power plants in Levy County. It’s time for a full investigation and for the Public Service Commission and Florida Legislature to step up to plate and hold the utility accountable. 1 billion dollars has been paid to Duke Progress by its customers and those customers will never get anything for the dollars they paid out.”

I believe Fasano sincere. The problem is the lobbying power of Duke Energy will squash any investigation.