
Editor, The Beacon:
We must all be blind when it comes to our Duke Energy bill. I’m sure most of us receive our bill, complain about how the cost has gone up, and then pay the bill.
I know that is what I do, most of the time.
For whatever reason this month (besides the higher bill cost), I actually looked over the bill.
There are lots of taxes and fees at the bottom of the bill. One in particular caught my eye: Asset Securitization Charge or ASC. Sounds very official, Asset Securitization Charge. I had no idea what it was, so I asked Duke Energy.
“The Asset Securitization Charge (ASC) Factor applicable to the Energy Charge under the Company’s various rate schedules represents a Nuclear Asset-Recovery charge approved in a financing order issued to the Company by the Florida Public Service commission and are adjusted at least semi-annually to ensure timely payment of principal, interest and financing costs of nuclear asset-recovery bonds from the effective date of the ASC until the nuclear asset-recovery bonds have been paid in full or legally discharged and the financing cost have been fully recovered.”
So a little further study was necessary. Do you know that Duke Energy uses 0% power created from nuclear power. It states that at the top of their bill. They use gas, coal, solar and outside purchases, but 0% nuclear power.
My next question was why are we paying an ASC fee for nuclear power that Duke does not use. Duke’s response to my inquiry was to contact the Florida Public Service Commission. I did, and I received a phone response from them.
It seems at some point, the nuclear reactors in Florida were decommissioned because there were problems with the reactors. But the people of Florida are still on the hook for the costs of the bonds, and decommissioning of the plants.
My next question, How much is the cost? How long will we have to pay? That is the $64 million question.
Well, no one knows how much the cost will be or how long it will take to recover it. Sixty-four million dollars may be a drop in the bucket. Where does this money go?
“As approved by the Commission, a special Purpose Entity (SPE) has been created and is the owner of all rights to the Nuclear Asset-Recovery Charge. The Nuclear Asset-Recovery charge shall be paid by all existing and future customers receiving transmission or distribution service from the Company or its successors or assignees under Commission-approved rate schedules or under special contracts even if the customer elects to purchase electricity from alternative electric suppliers following a fundamental change in regulation of public utilities in this state.”
I could not find any information about who is in charge of the Special Purpose Entity or how they disburse the funds that Duke collects each month at .222c per kWh on our bill.
So I continue my search for answers as to where all this money goes, who is in charge, how much is still owed and how long we will be paying for nuclear power that we do not use.
John Trinckes
DeLand