Florida Utility Buys Coal Plant to Shut it Down, Cut Costs
Florida Power and Light (FPL) filed a petition last week to buy out its lease on the Cedar Bay coal plant in Jacksonville, for the express purpose of shutting it down.
The decision will keep a million tons per year of carbon dioxide out of the atmosphere, Think Progress reports.
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“The reason it’s doing this, FPL has said, is simple: the plant is outdated, and shutting it down will save customers money—$70 million a year, to be exact,” Valentine writes.
“Although years ago it made sense to buy this plant’s power to serve our customers, times have changed,” said FPL CEO Eric Silagy. “Now we’re in a position to take ownership of the facility and effectively buy out an outmoded contract with the goal of ultimately phasing the plant out of service.”