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Charge In Advance

From Sun-Sentinel article, “Nuke program wrong move, wrong place” by Philip Stoddard, Mayor of South Miami:

Under our American capitalist model, corporations issue bonds to raise money for new projects. But here in Florida, our Legislature allows a publicly traded utility to take our money, never repay the principal and charge us 10 percent interest on whatever it builds with our dollars. So long as a “regulated” utility can claim to be planning a new nuclear reactor, it can bypass Wall Street and take the money directly from ratepayers like us ahead of time.

This amazing scam is perfectly legal under Florida Statute 366.93, known as the Early Cost Recovery. An electric utility can take our money up front for any and all of the following:

“All capital investments, including rate of return, any applicable taxes, and all expenses, including operation and maintenance expenses, related to or resulting from the siting, licensing, design, construction or operation of the nuclear power plant, including new, expanded or relocated electrical transmission lines or facilities of any size that are necessary thereto.”

The full article is here: http://www.sun-sentinel.com/news/outlook/fl-fpl-nuclear-energy-mistake-stoddard-07-20110830,0,4372245.story