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PSC approves Progress Energy Fla. rate reduction

Associated Press Modified: November 27, 2012 at 2:30 pm •  Published: November 27, 2012

The staff recommendation notes that Nuclear Electric Insurance Ltd. has so far acknowledged only the first event and not made a determination on the second.

It adds that if the insurer determines the second crack is a separate event and entitled to an additional $490 million in coverage, that amount then could be used to reduce customers' rates.

The annual adjustments will reduce the overall monthly bill for a residential customer using 1,000 kilowatt hours, which is about average, from $123.19 to $116.06. That's a $7.13 reduction even with the commission's approval on Monday of a $1.93 increase in a charge for preliminary and construction costs associated with future nuclear projects.

Progress, which is part of North Carolina-based Duke Energy, serves more than 1.6 million homes, businesses and other customers in central and north Florida.