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21 September 2006 -- Duke Energy has filed documents with the North Carolina Utilities Commission seeking to ensure the recovery in future electric rates of its investment to evaluate and develop an advanced new nuclear power plant in the Carolinas.
"The intent of this request is to ensure that we can continue to fund the development and permitting of a new nuclear power plant, which will help maintain our competitive rates, grow our economy and help minimize overall greenhouse gas emissions as we continue to work to address climate change," said Ellen Ruff, president of Duke Energy Carolinas.
Duke Energy expects to invest approximately $125 million before the end of 2007 to develop the proposed William States Lee III Nuclear Station in Cherokee County, S.C., which will be jointly owned with Southern Company.
Duke Energy is preparing a Combined Construction and Operating License (COL) application for the potential plant and will decide whether to submit the application to the Nuclear Regulatory Commission by the end of 2007. The decision to build the plant, projected to cost between $4 and $6 billion, is scheduled to be made by the end of 2010. The plant could begin electricity production in 2016.
Duke said that while nuclear power has relatively high development and construction costs, its low fuel costs make it a less expensive way to produce electricity over the long term compared to coal, natural gas or oil-fueled power plants.
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