FPL Group Reports That Seabrook Station Nuclear Power Plant Re-Enters Service after Extended Outage
- By Stephen Heiser -
FPL Group, Inc. has said that its Seabrook Station nuclear power plant is back in service after an extended outage. As discussed in the company's Dec. 22 news release, the Seabrook plant, operated by FPL Group subsidiary NextEra Energy Resources LLC, was taken off-line for repairs on Dec. 6. It was put back into service on Dec. 24.
On November 1, 2002, FPL announced it had completed the acquisition of a controlling interest in the Seabrook Nuclear Generating Station in New Hampshire from a consortium of owners. FPL Group and the owners of the Seabrook Station originally announced the purchase agreement on April 15, 2002.
Members of the Seabrook consortium selling their interests include: Northeast Utilities (NYSE: NU), the United Illuminating Company (NYSE: UIL), BayCorp Holdings, National Grid Transco plc (LSE:NGT and NYSE: NGG), NSTAR (NYSE: NST) and the New Hampshire Electric Cooperative. The remaining interests are being retained by Massachusetts Municipal Wholesale Electric Company, Taunton Municipal Lighting Plant and Hudson Light & Power Department.
Under the terms of the agreement, FPL Group agreed to purchase an 88.2 percent interest in the 1,161-megawatt Seabrook Station for a total of $837 million, subject to certain adjustments at closing. Net of these adjustments, the final transaction value is $798 million.
"This acquisition strengthens our competitive position in the Northeast and is an excellent complement to our existing portfolio in the region," said Lew Hay, chairman and chief executive officer of FPL Group. "Seabrook provides a significant low-cost, reliable power supply for FPL Energy to market in conjunction with the rest of our Northeast capacity.
FPL Group, Inc. is a leading clean energy company with 2008 revenues of more than $16 billion, approximately 39,000 megawatts of generating capacity, and more than 15,000 employees in 27 states and Canada. Headquartered in Juno Beach, Fla., FPL Group’s principal subsidiaries are NextEra Energy Resources, LLC, the largest generator in North America of renewable energy from the wind and sun, and Florida Power & Light Company, which serves 4.5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the country. Through its subsidiaries, FPL Group collectively operates the third largest U.S. nuclear power generation fleet.