JACKSONVILLE, Fla. – Carrying out a plan approved last year, Florida Power & Light on Dec. 31 will shutter a coal-fired power plant in Jacksonville, the utility said Wednesday.
The move follows an unusual $520.5 million deal in which FPL bought the Cedar Bay Generating Plant with the intention of shutting it down.
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FPL had been locked into a long-term contract to buy electricity from the plant and said it could generate power elsewhere at a lower cost.
In a news release Wednesday, the utility said the deal and closure of the plant ultimately will save $70 million and prevent nearly 1 million tons of carbon emissions each year.
FPL generates most of its electricity by burning cleaner natural gas.
"Buying and shutting down old, inefficient coal plants is unprecedented in America," Eric Silagy, president and CEO of the utility, said in a prepared statement. "I'm very proud of our employees for proposing this innovative approach that's environmentally beneficial and saves customers millions of dollars."
FPL this year also got approval from state regulators to buy and shut down a coal-fired plant in Martin County.