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Iowa nuclear reactor could close before operating license expires: NextEra CFO

Washington — NextEra Energy Resources' 647-MW Duane Arnold in Palo, Iowa, could close well before its operating license expires in 2034, an executive with parent company NextEra Energy said during its fourth-quarter 2017 earnings call Friday.

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John Ketchum, CFO and executive vice president, finance, said that late last year the company concluded that it is unlikely the nuclear reactor's primary customer will extend a current contract after it expires in 2025. Ketchum did not name the primary customer.

"Without a contract extension, we will likely close the facility at the end of 2025, despite being licensed to operate until 2034," Ketchum said, according to a transcript of the call posted by financial news website Seeking Alpha.

Ketchum said the unit's book value and asset retirement obligation were reviewed and a $258 million after-tax impairment was recorded. Ketchum also said the company would continue to seek a contract extension that would enable the reactor to continuing operating.

-- Michael McAuliffe, newsdesk@platts.com
-- Edited by Valarie Jackson, newsdesk@spglobal.com