Nuclear Costs Explode

Progress Energy Florida is going to have to spend more than originally planned to build two nuclear reactors in Levy County, the utility's top executive said.

The St. Petersburg-based utility won't disclose how much more expensive the project will be until it's presented to state regulators within 90 days. Based on new industry estimates, the revised cost could be two to three times more expensive than the projection Progress issued more than a year ago.

That's because the cost of concrete, steel, copper, labor and reactor technology has soared as energy companies move forward with plans to build more than 30 new reactors nationwide. Also, Progress Energy's initial estimate excluded the cost of land, inflation, interest payments and new transmission lines.

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