Year in Review: JEA's nuclear 'money pit'

Favicon Jacksonville Business Journal

JEA pursued a variety of strategies this year to sever its contractual ties to Plant Vogtle, a nuclear money pit in Georgia. Many of these strategies, begun by recently named permanent CEO Aaron Zahn, are still ongoing. The utility is bound by a “hell-or-high-water” clause in a 2008 power purchase agreement to fund a portion of the debt needed to build two new nuclear power units at the plant whether or not the units ever produce power. It also must buy 206 megawatts of power at above-market...

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