Progress Energy Inc., on behalf of its subsidiary Progress Energy Florida, asked the Florida Public Service Commission to approve it’s proposed plan for a $14 billion nuclear power plant in Levy County, Florida. In addition to the $14 billion needed to construct two reactors, the company estimates that it will spend approximately $3 billion for necessary transmission upgrades.

Although the new plant would make $1 billion in fuel savings annually possible after it’s proposed opening in 2016-17, it is expected to boost average annual costs for the company’s 1.7 million Florida customers by 3 to 4 percent from 2009 to 20018.

The company estimates that the project would create approximately 800 full-time Florida jobs once fully operational. During the height of construction they expect that somewhere around 3,000 individuals will be employed directly. In addition to this, Progress figures that anywhere from 1,000 to 2,000 Florida jobs will be created indirectly by the plants effects on the area’s economy.

Jeff Lyash, president and CEO of Progress Energy Florida, said in a press release that the company believes “that the new nuclear generation is a critical hedge against the future risk of volatile and increasing fossil-fuel prices, and the likely significant future costs of emissions regulation.

Progress hopes to build two of Toshiba Corp’s Westinghouse 1,100 MW AP 1000 reactors in Levy County on a 3,100-acre site located near the company’s Crystal River nuclear power plant. According to Progress, one megawatt would be capable of powering approximately 615 Florida homes and businesses.

If all plans are approved the company expects to move forward with eventual goal of the two reactors entering service in 2016 and 2017.