Planning for our energy future is a long-term process, so to meet the needs of the future, we have to start planning now. Today, nuclear technology is the best option for new power plants given the challenges of climate change, fuel volatility and future energy demand. It is the most cost-effective, large-scale generating technology and produces no carbon emissions. As we invest in more carbon-free nuclear, we decrease our reliance on fossil fuels. This will help stabilize rates and reduce the fuel volatility we've been experiencing over the past several months.

In 2006, the governor and Florida Legislature enacted policies to promote future nuclear expansion and lessen the state's dependence on fossil fuels. Florida law allows utilities to recover certain expenses for new nuclear plants, which facilitates greater access to necessary capital and helps reduce the price customers pay for the plants over time. In addition to saving customers money over the life of the plant, the law provides annual oversight of all expenses associated with nuclear construction to ensure transparency. This type of cost recovery is similar to paying the interest on a credit card every month rather than allowing interest charges to accrue and compound month after month. The overall cost of the plant decreases, minimizing the price customers pay over its operating lifetime. This will save customers approximately $13 billion over the life of the plant.

The company is currently engaged in discussions with a range of potential partners to gauge their interest in joint ownership. There can be benefits to joint ownership, such as reducing costs by balancing financial risk. We hope to have a contract finalized as soon as possible.

Current plans call for commissioning two state-of-the-art nuclear reactors in Levy County by 2016 and 2017. Once the reactors begin commercial operation, the savings to Florida customers through reduced reliance on fossil fuels is estimated at up to $1 billion annually.