-
CP&L, Duke Power, SCEGC, and VEPCO build small research plant in Parr, SC. This is the first nuclear plant built in the southeastern US.
-
CP&L announces plans to build nuclear plant near Raleigh, North Carolina. CEO Shearon Harris says new plant needed to meet growing electricity demand by 1970. CP&L has fastest growing demand of any public utility at the time.
-
Donald Kosh, utility consultant, chides CP&L for engaging in "flights of fancy which I would not indulge in" for expecting past growth rates to continue into the future: "It is sheer madness for you or anyone else to say Carolina Power nad Light Co. will continue to experience the same growth rate in the foreseeable future ... securities markets are now re-evaluating these high growth rates ... utility stocks are down ... pressure ... to make large ... expenditures on pollution control."
-
CP&L to file request for rate increase in order to improve earnings position to raise money to build new facilities, including Shearon Harris plant. Needs an estimated $2.4 billion for the next eight years.
-
CP&L proposes site to build Harris plant. As of 1968, 1500 people live within 7 miles of site. "Six person interviewed ... registered reactions from enthusiastic welcome to anger at the prospect of being displaced."
-
CP&L CEO Shearon Harris says "millions of kilowatts of additional generating capacity will be needed" to clean up the environment.
-
CP&L Environmental Chief Pat Howe: "Really, it comes down to a trade-off analysis ... The whole area of environmental impact is hard to quantify ... Take the cooling lake ... its more than just a device for dissipating waste heat ... the lake will offer a new recreation area for thousands of North Carolinians."
-
Environmental group questions plants emergency core cooling ability, while CP&L claims it does not have enough capacity to meet 1980 demand. State Utilities Commissioner Hugh Wells indicates twice that he is worried CP&L will run into vastly higher construction costs than they anticipate before plant is finished as planned in 1980.
-
CP&L asks for increased electricity rates due to increased construction costs, cost of borrowing money, fuel, and environmental controls.
-
CP&L's construction expenses directly related to demand growth. Editorial argues that "CP&L deliberately induced this demand, knowing that it would have to squeeze present consumers for higher rates in order to finance plant expansion to meet new demand." Even with CP&L efforts to attract industry, "There has been no showing ... that CP&L's efforts have improved on the predominance of low-wage industry that has long characterized its service area."
-
Geological fault found in geologic study of plant site is one of the largest ever found under a nuclear plant.
-
"Is it fair for customers to pay not only for present electric service but also to help finance the future growth of a company that has been growing at about twice the national average, a growth customers may not want or need?" Should financing growth be the responsibiilty of shareholders?
-
Typical customer uses 940 kWh per month, coal prices increased from $8-12 per ton to $45 per ton.
-
CP&L delays Harris plant completion until 1990, reports that cost of plant has doubled from $1 billion to $2.1 billion. "Delay ... was part of a new CP&L financial strategy designed to instill more confidence in CP&L by its investors." Also requests rate increase, warns if they don't get it there will be brownouts and blackouts. First Harris reactor scheduled to be finished in 1984 rather than 1977.
-
Report issued that CP&L rates have increased faster (117.2%) than any other major utility (63.1%) between June 1973 and January 1975.
-
Duke Power will sell part of proposed Catawba nuclear plant to wholesale customers, mainly rural cooperatives and municipal power agencies. "This was a financing alternative ... Over the long haul, the whole question of providing enough electricity is going to be a matter of money."
-
Sherwood Smith, CP&L President: "We'll soon enter an era when nuclear power isn't a political issue adn there aren't any regulatory problems" ... "Look back through history and you'll see people were hysterical over fluoride in the water ... This society has more to lose through the discontinuation of this technology."
-
After spending $1.2 billion, first reactor is 37% complete. CP&L continues having difficulty raising money, with the only outside money coming from retained earnings and sale of portions of its power plants to wholesale customers. Currently negotiating partial sale of Harris plant to Electricities, trade group of eastern NC municpal power companies.
-
At Brunswick plant in Wilmington CP&L has had three straight years of long-term shutdowns due to poor controls. Plant equipment failed one day out of six in 1981. Ranks 2nd nationally for safety related fines. CP&L has not addressed problems, reportedly unwilling to spend money or manpower to correct.
-
CP&L rate increase denied by state commission forces lay off of 100 construction and office workers at Shearon Harris plant. Bond rating will be reduced, making it even more expensive for CP&L to borrow money.
-
Who should pay for cancelled plants? After spending $221 million on reactor two, CP&L halted construction in 1982. The state legislature blocked Construction Work In Progress (CWIP) legislation in 1982 that would have allowed CP&L to charge customers for plant construction. Ironically, cancelling plants under construction has helped utilities boost profile in the bond market.
