A weekly e-newsletter for FMPA members
Oct. 1, 2012
FMPA’s Audit and Risk Oversight Committee met last Thursday and approved statement of financial accounting standards #71 transactions. The Committee also recommended modifications to ISDA agreements and associated amendments and swap contracts to FMPA’s Board of Directors and the ARP Executive Committee. The full agenda package is available on the Member Portal. Contact: Rich Popp
ARP Executive Committee
The ARP Executive Committee met last Thursday and approved: 1) the renewal of the engagement letter with Swap Financial, and 2) modifications to ISDA agreements and associated amendments and swap contracts. The GANT+ Plan was not approved. The full agenda package is available on the Member Portal. Contact: Nick Guarriello
New Conference Code for FMPA Meetings
FMPA recently assigned a new conference code and permanent dial-in phone numbers for members participating in goveing body meetings via conference call. Members dialing in should dial (866) 411-8247 or (321) 239-1100 and use access code 91583. The new access code is required for Board of Directors, ARP Executive Committee, Audit and Risk Oversight Committee and other sub-committee meetings. Contact: Nick Guarriello
United Way’s Days of Caring
FMPA employees participated in United Way’s Days of Caring last Friday. Days of Caring is an annual community-wide volunteer event that supports local nonprofit organizations. Twenty-two staff members volunteered at Public” rel=”nofollow”>http://www.publicpower.org/special/index.cfm?ItemNumber=9414&sn.ItemNumber=2058>Public Power Week on Oct. 7 through Oct. 13. This annual event is a great time to communicate the advantages of locally owned and operated electric utilities. FMPA would like to highlight your events in our publications. Please email Ryan Dumas with information about your Public Power Week activities and event photos. Visit websitehttp://publicpower.com/utility-education-days/>website; for more information or to register.
NRC Approves St. Lucie Unit 2 Power Uprate
The U.S. Nuclear Regulatory Commission (NRC) has approved a power uprate for Florida Power & Light’s (FPL) St. Lucie Unit 2, increasing the reactor’s output by 17% from 853 MW to 1,002 MW. The NRC approved a similar uprate in July for St. Lucie Unit 1. FPL plans to spend between $2.95 billion and $3.15 billion to add about 490 MW of total capacity at four reactors: two at St. Lucie and two at Turkey Point. FPL has completed the uprate of St. Lucie Unit 1 and is in the process of finishing St. Lucie Unit 2. Turkey Point Unit 3 recently completed its uprate and Turkey Point Unit 4 is expected to be taken offline later this year for its uprate and refueling.
PSC Refuses to Dismiss FPL Rate Settlement
The Florida Public Service Commission rejected consumer advocates’ objections last Thursday and agreed to hold formal hearings on Florida Power & Light’s (FPL) proposed rate increase settlement. Commissioners liked parts of the proposal but said they needed more supporting evidence before deciding whether to approve the deal. Under the proposal, FPL would receive a $378 million base-rate increase in January and another $170 million increase in June 2013 when a new power plant in Cape Canaveral starts operating. FPL also could later receive increases when new plants are finished in 2014 in Riviera Beach and in 2016 in Port Everglades. The proposed settlement would reduce the company’s proposed retu on equity from 11.25% originally requested to 10.7%. The settlement would increase the base rate for a residential customer using 1,000 kWh per month by $5.77 in 2013 after the June increase. Due to anticipated reductions in other charges, the overall monthly bill would increase by only $1.56 to $96.18. The total base-rate increases over four years would amount to $10.39. The company also is estimating overall bills would go up by $6.56 through 2016 for a total of $101.18 per 1,000 kWh with the caveat that figures for the last three years of the agreement do not include potential changes in the fuel adjustment charges that are made on an annual basis.
Want more background on the names and terms used in this newsletter? Check out FMPA’s Glossary, which features some of the most frequently mentioned committees, companies, places and terms, or contact the person named in each FMPA story to lea more. (Click here for the Staff Directory.)
Florida Municipal Power Agency
8553 Commodity Circle
Orlando, FL 32819-9002
Tel 407 355-7767
Fax 407 355-5794
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