Progress Energy customers on hook for $1.1B for nuclear plant that may never be built

http://www.tampabay.com/news/progress-energy-customers-on-hook-for-11b-for-nuclear-plant-that-may-never/1219256

Progress Energy customers on hook for $1.1B for nuclear plant that may never be built

By Ivan Penn, Times Staff Writer
In Print: Sunday, March 11, 2012

Imagine a company that profits from getting a billion-dollar project wrong.

It makes money despite grossly underestimating the costs. It collects more for failing to get work done on time. It pushes a law that forces customers to pay for its miscalculations.

That company exists right here in Tampa Bay.

For the past six years, Progress Energy Florida has benefited from a world where faster means slower and cheaper is a synonym for more expensive.

<snip>

About this report

For this report, the Tampa Bay Times reviewed thousands of pages of records filed with the state Public Service Commission, including Progress Energy's financial reports for the Levy nuclear project. The Times also interviewed more than 20 utility and economic experts and state officials. The Times contacted Progress Energy Florida several times for comment on this story, including sending questions in writing. Progress had no comment.

<snip>