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American Electric Power Delays Cook Reactor Restart
American Electric Power Delays Cook Reactor Restart
Columbus, Ohio, July 26 (Bloomberg) -- American Electric Power Co.
said the restart of a Michigan nuclear plant's idled reactor will be
delayed until early next year and cost the utility owner another $145
million.
AEP, which has 5 million power customers in the U.S. Southeast and
Midwest, had expected to have the Cook plant's No. 2 unit running
this year. The company said it needs more time to address Nuclear
Regulatory Commission concerns about the way the plant was operated.
The NRC in 1997 shut down both reactors at the plant in Bridgman,
Michigan. Cook's No. 1 unit restarted this month after AEP got
permission from the agency. Together, the reactors can produce 2,110
megawatts of electricity, enough to light more than 2 million U.S.
homes.
AEP, based in Columbus, Ohio, said second-quarter profit fell 14
percent. It had a final loss after write-offs tied to its $10 billion
acquisition of Dallas-based Central & South West Corp., an investment
in Chile and costs of restarting Cook.
AEP expects to spend $115 million of the additional Cook restart
costs this year. Its shares fell 1 1/16 to 32 5/8 on the New York
Stock Exchange. They've dropped 11 percent in the past year.
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