JEA to buy option on nuclear power plant

The JEA Board today authorized the signing to spend up to $7.5 million to reserve an option to buy one-fifth of a yet-to-be-built nuclear power plant.

JEA will have the option to spend about $2 billion for 400 megawatts of annual capacity from the unspecified plant, which is expected to begin operating in 10 years. The move followed the board’s decision in August to increase the amount of its electric grid powered by nuclear power from 10 percent to 30 percent by 2030.

He added that as the construction of nuclear plants is paid off, nuclear electricity could cost about $60 per megawatt-hour.

Coal generation costs about $60 per megawatt-hour but would go up if a new federal standard for carbon emissions was imposed. Electric generation through natural gas costs between $40 and $50 per megawatt-hour.