FPL completes purchase of Point Beach
02 October 2007
FPL Energy announced on 1 October that it had completed its purchase of the 1023 MWe Point Beach nuclear power plant from Wisconsin Electric Power Co (We Energies) for some $924 million.
The cost was divided into about $719 million for the two-unit plant and some $205 million for nuclear fuel, inventory and other items.
Point Beach comprises two pressurized water reactors, located near Two Rivers, Wisconsin. We Energies agreed to sell the plant to FPL on 20 December 2006.
The sale was approved by the Public Service Commission of Wisconsin on 18 September 2007 after some adjustment. FPL will take over management of the plant, from current contractors Nuclear Management Company.
In December 2005, the Nuclear Regulatory Commission (NRC) extended the units' operating licenses by 20 years to 2030 and 2033. We Energies has agreed to purchase the power produced by the plant until that time. FPL has assumed responsibility for decommissioning of the plant, with some $390 million in decommissioning funds being transferred to FPL as part of the sale agreement.
FPL said it expects to uprate both reactors at the plant between 2010 and 2011, adding some 134 MWe to the plant's capacity.
Further information
FPL Energy
We Energies
WNA's US Nuclear Power Industry information paper
WNN: Point Beach sale approved for $1 billion
WNN: Point Beach sale marks high reactor price