Florida Commission to Decide Nuclear Plant Insurance Rate Offset

November 28, 2012Email ThisPrintNewslettersTweetArticleComments

The state Public Service Commission is considering annual rate adjustments sought by Progress Energy Florida including a charge for power purchased to replace output from a crippled nuclear reactor.

The commission will decide on fuel, purchased power and other adjustments after resolving a dispute over how much insurance money Progress can expect in 2013 for the damaged reactor at Crystal River.

The utility anticipates only the remaining $327.6 million not yet received on a $490 million replacement power policy.

Groups representing commercial customers contend Progress should expect a second $490 million because the reactor’s containment building sustained two separate cracks in two different years.

That would reduce the replacement power costs passed on to customers by an equal amount.

A commission staff recommendation sides with the utility.

 

Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Email ThisPrintNewslettersTweetCategories: Southeast NewsTopics: nuclear insurance, Progress Energy FloridaHave a hot lead? Email us at newsdesk

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European Commission Approves ING Restructuring; Opens New Probe

May 14, 2012Email ThisPrintNewslettersTweetArticleCommentsThe European Commission on Friday approved a restructuring plan for Dutch bank and insurer ING made during the financial crisis as compatible with the European Union’s internal market, but also opened an investigation into amendments to the plan.

Friday’s approval followed a court ruling in March that the Commission had failed to show that extra aid granted to the Dutch financial group gave it an advantage over rivals.

The Luxembourg-based General Court, Europe’s second-highest, annulled part of a 2009 decision by the European Commission, which demanded a restructuring plan from ING, including asset sales, before it could approve the aid.

After the original Commission decision, ING said it had had to make hefty concessions, including selling its online bank ING Direct USA in February, no longer being a price leader in some markets and not making acquisitions.

However, the Commission’s approval was based on a restructuring plan submitted in 2009, and since that time, the Dutch state and ING have notified the Commission of amendments to the plan, the Commission said in a statement. The Commission on Friday opened an in-depth investigation into these changes.

“The Commission considers that the complexity of the issues justifies an in-depth analysis,” the EU executive said.

At the same time the Commission said it has appealed the General Court’s judgment to the Court of Justice of the European Union, Europe’s highest court.

The original Commission judgment followed the granting to ING by the Dutch State in the autumn of 2008 recapitalization aid of

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