FPL Energy has acquired the two unit, 1,023MW Point Beach, Wisconsin, US nuclear power plant from Wisconsin Electric Power Company, a subsidiary of Wisconsin Energy.
A wholly-owned subsidiary of FPL Energy purchased the Point Beach nuclear power plant (NPP) for approximately $924 million. The final purchase price, which was subject to various adjustments at closing, included approximately $719 million for the plant itself and approximately $205 million for nuclear fuel, inventory and other items.
FPL Energy also assumed responsibility for eventual decommissioning of the plant and decommissioning funds transferred to FPL Energy as part of the transaction were approximately $390 million.
All of the power from the Point Beach NPP will be sold to Wisconsin Electric Power Company under a long-term power purchase contract. FPL Energy said that it expects to increase the output of both units in 2010 to 2011 to add approximately 134MW to the existing output.
Jim Robo, president and COO of FPL Group, said, We are excited to add the Point Beach nuclear power plant to our power generation portfolio and pleased to further expand our customer relationship with Wisconsin Electric Power Company, which now becomes the largest customer in our portfolio.