Nuclear plans still on, Progress Energy CEO says

LEVY COUNTY, FLORIDA - Despite the slowdown, Florida still needs new power plants to fuel its long-term growth, said Jeff Lyash, chief executive officer of Progress Energy Florida.

The St. Petersburg utility will continue to pursue plans for a $17-billion nuclear plant in Levy County, he affirmed.

"We don't react when the market overheats," Lyash said. "Neither do we change our plans dramatically during the ebbs in the cycle."

Lyash said he couldn't predict when the economy would turn around, but that he's already noticing signs that the downturn has started to "solidify," signaling that bottom may have been reached.

The utility's North Carolina parent company announced first quarter earnings that suffered from Florida's downturn. Slow customer growth led to a 4.2 percent drop in revenue from residential, commercial, and industrial customers. Customer growth likewise slowed more than expected, as the number of vacant properties increased. The Florida utility still eked out a $6-million increase to $66-million in net revenue by offsetting the slower retail market with an increase in wholesale power sales.

Progress Energy has averaged 2.2 percent customer growth over the last decade. That number dropped to 1.9 percent last year. The utility plans to build two 1,100 megawatt nuclear reactors in Levy County, and also plans to build a 1,200 megawatt natural gas plant on the banks of the Suwannee River.

The utility hasn't built new baseload generation since 1984, Lyash said. He expected that the current downturn won't last, and that Florida will continue to grow - and so will its need for more power.

"Regardless what you think of the slope of the growth curve, there's still a need for new baseload generation," Lyash said.

Related News

california-gets-500m-to-upgrade-power-grid

California Gets $500M to Upgrade Power Grid

CALIFORNIA - California has recently been awarded over $500 million in federal funds to significantly improve and modernize its power grid. This substantial investment marks a pivotal step in addressing the state’s ongoing energy challenges, enhancing grid resilience, and supporting its ambitious climate goals. The funding, announced by federal and state officials, is set to bolster California’s efforts to upgrade its electrical infrastructure, integrate renewable energy sources, and ensure a more reliable and sustainable energy system for its residents.

California's power grid has faced numerous challenges in recent years, including extreme weather events, high energy demand, and an increasing reliance…

READ MORE
chinese nuclear

Electric shock: China power demand drops as coronavirus shutters plants

READ MORE

eskom powerlines

South Africa's Eskom could buy less power from wind farms during lockdown

READ MORE

hydro one

Hydro One launches Ultra-Low Overnight Electricity Price Plan

READ MORE

crossrail train

Crossrail will generate electricity using the wind created by trains

READ MORE