FPL buys Point Beach

7 January 2007

An FPL Group subsidiary has reached an agreement to purchase the two-unit, 1033 MW Point Beach Nuclear Power Plant from Wisconsin Electric Power Co.

The purchase price of the PWR plant, located near Two Rivers, Wisconsin, about 50 km southeast of Green Bay, is approximately $998 million, including nuclear fuel, inventory and other items.

Jim Robo, president and chief operating officer of FPL Group, said, “Point Beach provides us with another low-cost, emission-free, baseload generation source in the Midwest and complements our existing nuclear and wind assets in the region.”

All of the power from the Point Beach Nuclear Power Plant will be sold under a long-term contract to Wisconsin Electric Power Co subsidiary We Energies through the current NRC license terms of 2030 for Unit 1 and 2033 for Unit 2.

FPL Energy will assume responsibility for eventual decommissioning of the plant and expects to close the acquisition in the third quarter of 2007 following approvals from federal and state regulatory agencies.

The sale is understood to be the highest ever price per kW installed for a US nuclear plant.


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