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Duke Energy Florida sets timeline for nuke-related bond issue

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Duke Energy Florida sets timeline for nuke-related bond issue

Duke EnergyFlorida LLC will issue bonds this spring to recover costsassociated with the retired CrystalRiver nuclear plant.

In 2015, the Florida Public Service Commission approved arequest by Duke Energy Corp.'sFlorida utility authorizing it to issue bonds associated with its canceledCrystal River unit 3 nuclear plant, setting the recoverable cost of thefacility at $1.283 billion, and deferred until 2017 a request to recover $13.5million related to its canceled Levy nuclear project.

Law firm Hagens Berman Sobol Shapiro LLP has already filed alawsuit against theutility asserting that the rate increase customers were charged by the utilityto pay for nuclear generation projects were unconstitutional. The complaintobjects to ratepayers being charged under Florida's Nuclear Cost Recovery System,established in 2006, which has long been controversial because it allowsutilities to recover costs related to developing nuclear generation projectseven if they are abandoned.

Duke Energy Florida will bill customers $2.93 per monthunder the asset securitization charge which it says will save customers in thelong run, depending on the interest rate. The company estimates savings of $600million or $2 per month when compared to what customers would pay if costs arerecovered from traditional methods.

Also, starting this month, the company is lowering monthlybills by $5.83 to $108.32 on consumption of 1,000 kWh of electricity. Thereduction is due to lower projected natural gas prices and was sought earlier this year .(Docket No. 160001-EI)