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Company has submitted the initial application to the Nuclear Regulatory Commission

 - By Thomas Cheplick -

On June 30th, Florida Power & Light Co. submitted applications to the Nuclear Regulatory Commission to build two new reactors at the Turkey Point nuclear power station.

The Turkey Point plant is located in Florida City, which is 25 miles south of Miami.

Florida Power & Light Co. is seeking approval to construct and then operate two Westinghouse AP1000 reactors at Turkey Point.  The AP1000 reactor is a new 1,100 megawatt reactor that uses a pressurized-water reactor design.  That design was certified by the Nuclear Regulatory Commission in 2006.

The Nuclear Regulatory Commission is conducting an initial review of Florida Power & Light's application.  If the Commission believes the application is in "good order", it will then request from Florida Power & Light a formal application.

In the application, Florida Power & Light believes it will cost anywhere from $12-to-$24 billion to build two new reactors at Turkey Point.  The two new reactors are estimated to be able to power one million homes in Florida.

Florida Power & Light Co. cites that most of the long-term financing for the project will come from a mix of its own capital and outside capital.  Most of the outside financing would come from debt and equity capital.  The company's owner, FPL Group, presently uses equity contributions and first mortage bonds "to finance long-term utility assets".

A decision on whether Florida Power & Light Co's application is in "good order" is expected by early September.