Closure of coal-fired plant expected to save $70 million Courtesy of Shutterstock
With the year-end closure of the coal-fired Cedar Bay Generating Plant, Florida Power and Light Co. (FPL) takes a step closer to relying solely on clean alternatives to provide electricity to its customers.
Before purchasing the plant in 2015, FPL had been required to buy power from it according to a 1988 agreement.
Newer, cleaner technology rendered the old plant too expensive and inefficient to operate.
“Buying and shutting down old, inefficient coal plants is unprecedented in America,” Eric Silagy, president and CEO at FPL, said. “I'm very proud of our employees for proposing this innovative approach that's environmentally beneficial and saves customers millions of dollars.”
So far, FPL has already met the EPA’s 2030 standards for reducing carbon emissions in Florida -- all while trimming consumer rates by 30 percent. The Cedar Bay closure could save more than $70 million and reduce carbon emissions by 1 million tons per year.
Once the plant ceases operations on Dec. 31, it will undergo a two-year process of dismantling.
FPL plans to purchase and close down another coal-fired plant in Indiantown by the end of 2018, as well.