Sec. 16-19v. Excess construction costs of Seabrook 1 nuclear power generating facility not included in rates. - Connecticut Statutes

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Statutes > Connecticut > Title16 > Chap277 > Sec16-19v

      Sec. 16-19v. Excess construction costs of Seabrook 1 nuclear power generating facility not included in rates. (a) Construction costs of the Seabrook 1 nuclear power generating facility in excess of the sum of the following amounts shall not be made part of the rate base or otherwise included in the rates approved by the department and charged by a public service company, as defined in section 16-1:

      (1) Four billion seven hundred million dollars;

      (2) Any increase in the costs of labor and materials to the extent such increase is due to inflation which exceeds ten per cent per year;

      (3) Any increase in financing costs to the extent such increase is due to an increase in the weighted average rate for the allowance for funds used during construction above ten and one-quarter per cent per year for the years following calendar year 1983;

      (4) Any costs directly attributable to new regulations adopted by the Nuclear Regulatory Commission after July 1, 1984, and

      (5) Any costs due to unforeseeable and unavoidable labor stoppages.

      (b) Nothing in this section shall be construed to limit the department's authority under section 16-19e to review all construction costs of such facility up to the sum of such amounts and to disallow any such costs which are not prudently incurred.

      (P.A. 84-201, S. 2, 4; P.A. 85-519, S. 3, 4.)

      History: P.A. 85-519 lettered existing section as Subsec. (a), amended Subsec. (a) to establish limit on construction costs of Seabrook 1 nuclear power generating facility which may be included in rates, instead of requiring department to establish limit, and added Subsec. (b) re department review of construction costs of facility.

State Codes and Statutes

Statutes > Connecticut > Title16 > Chap277 > Sec16-19v

      Sec. 16-19v. Excess construction costs of Seabrook 1 nuclear power generating facility not included in rates. (a) Construction costs of the Seabrook 1 nuclear power generating facility in excess of the sum of the following amounts shall not be made part of the rate base or otherwise included in the rates approved by the department and charged by a public service company, as defined in section 16-1:

      (1) Four billion seven hundred million dollars;

      (2) Any increase in the costs of labor and materials to the extent such increase is due to inflation which exceeds ten per cent per year;

      (3) Any increase in financing costs to the extent such increase is due to an increase in the weighted average rate for the allowance for funds used during construction above ten and one-quarter per cent per year for the years following calendar year 1983;

      (4) Any costs directly attributable to new regulations adopted by the Nuclear Regulatory Commission after July 1, 1984, and

      (5) Any costs due to unforeseeable and unavoidable labor stoppages.

      (b) Nothing in this section shall be construed to limit the department's authority under section 16-19e to review all construction costs of such facility up to the sum of such amounts and to disallow any such costs which are not prudently incurred.

      (P.A. 84-201, S. 2, 4; P.A. 85-519, S. 3, 4.)

      History: P.A. 85-519 lettered existing section as Subsec. (a), amended Subsec. (a) to establish limit on construction costs of Seabrook 1 nuclear power generating facility which may be included in rates, instead of requiring department to establish limit, and added Subsec. (b) re department review of construction costs of facility.

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State Codes and Statutes

Statutes > Connecticut > Title16 > Chap277 > Sec16-19v

      Sec. 16-19v. Excess construction costs of Seabrook 1 nuclear power generating facility not included in rates. (a) Construction costs of the Seabrook 1 nuclear power generating facility in excess of the sum of the following amounts shall not be made part of the rate base or otherwise included in the rates approved by the department and charged by a public service company, as defined in section 16-1:

      (1) Four billion seven hundred million dollars;

      (2) Any increase in the costs of labor and materials to the extent such increase is due to inflation which exceeds ten per cent per year;

      (3) Any increase in financing costs to the extent such increase is due to an increase in the weighted average rate for the allowance for funds used during construction above ten and one-quarter per cent per year for the years following calendar year 1983;

      (4) Any costs directly attributable to new regulations adopted by the Nuclear Regulatory Commission after July 1, 1984, and

      (5) Any costs due to unforeseeable and unavoidable labor stoppages.

      (b) Nothing in this section shall be construed to limit the department's authority under section 16-19e to review all construction costs of such facility up to the sum of such amounts and to disallow any such costs which are not prudently incurred.

      (P.A. 84-201, S. 2, 4; P.A. 85-519, S. 3, 4.)

      History: P.A. 85-519 lettered existing section as Subsec. (a), amended Subsec. (a) to establish limit on construction costs of Seabrook 1 nuclear power generating facility which may be included in rates, instead of requiring department to establish limit, and added Subsec. (b) re department review of construction costs of facility.