Timing is everything


June 19

NRG Energy files a letter of intent with the Nuclear Regulatory Commission to pursue development of South Texas Projects Sites 3 and 4. Initial cost estimate: $5.2 billion



In a preliminary estimate, Toshiba puts its share of the project at $8.5 billion; the STP Nuclear Operating Company reviews the numbers and puts its estimate at $8.1 billion


CPS Energy’s Board of Trustees approves $206 million for preliminary site-design work for the STP expansion and $10 million to explore other nuclear-power options


CPS and NRG file application with NRC to build and operate two new Toshiba Advanced Boiling Water Reactors at STP



NRG forms Nuclear Initiative North America with reactor developer Toshiba to pursue nuclear-development projects, including STP


San Antonio’s City Council approves 3.5 percent of a requested 5-percent rate hike for CPS Energy and adds a condition that none of the money should be used for the STP expansion. CPS taps capital reserves to meet its expansion obligations

September 2008

CPS Energy asks Toshiba to recalculate its 2008 estimate because of price drops in key commodities such as concrete. Toshiba declines to do so, but agrees to provide a new price estimate in 2009


January 20

CPS Board of Trustees approves another $60 million for STP expansion


Newly elected Mayor Julián Castro takes his seat on CPS board; NRG hires local attorney and Castro supporter Frank Burney to represent its interests in San Antonio 

June 28 & 29

The day after CPS staff learn Toshiba’s estimate may reach $12 billion, CPS GM Steve Bartley announces the $10 billion figure publicly for the first time; CPS makes its formal recommendation that San Antonio invest in a 40-percent stake in the STP expansion


July 15

Toshiba reps share PowerPoint presentation with 2008 figure of $12.7 billion with members of the STP Nuclear Operating Company. A disclaimer calls the figure “outdated and not effective today.”

July 24

Castro Chief of Staff Robbie Greenblum meets with Bartley and other CPS Staff


July 31

NINA CEO Steve Winn suggests to CPS Co-GM Steve Bartley that NRG may be willing to buy out CPS’s share in STP 3&4; Mayor Castro meets with Winn and NINA COO John Bates

August 5

Castro announces to the Express-News editorial board that he favors a 20-percent stake in the STP expansion

August 31

Castro meets with NRG CEO David Crane, NINA CEO Steve Winn, and Burney


According to NRG, Toshiba estimates its cost for the STP expansion at $12.3 billion


October 13

The CPS Board votes unanimously to develop a 20-25-percent stake in the STP expansion, meaning they now need to find a buyer for 20-25 percent of its original stake; Toshiba figure of $12.35 billion shared with Bartley


October 22

NINA asks CPS’s Jim Nesrsta if CPS plans to share newer cost estimate with the CPS Board before the Council vote. Nesrsta says no.

October 26

Frank Burney, at NRG’s direction, tips the Mayor’s office to the unreported $4-billion discrepancy


October 27

The Express-News is alerted to the $4-billion discrepancy via “a tip from a difference source.” Castro calls a press conference and puts CPS Acting GM Bartley in the hot seat. Castro also cancels scheduled Thursday Council vote on an additional $400-million credit for STP expansion


November 2

Mayor Castro has a teleconference with NRG’s Crane

November 7

CPS Veep Bob Temple writes email to all board members save Castro, criticizing the handling of the price issue


November 19

As it had warned CPS it planned to do, NRG shares an estimated Toshiba price of $12.3 billion, pre-financing, at an analysts’ meeting in Houston. The
Express-News reports the following day that NINA CEO Winn said “We would expect ... the price estimate that Toshiba will come back with may be outside the affordability range for `CPS’s` ratepayers.”


November 25

Bartley resigns


November 30

Castro calls for CPS Board Chair Aurora Geis and board member Steve Hennigan to resign

December 1

Temple announces he will
resign, effective December 15


December 6

CPS Energy files suit against NINA

December 8

Geis agrees to resign

December 23

CPS accuses NINA and NRG of “fraudulent, defamatory, and illegal conduct.” Seeks $32 billion in damages.


January 4

Castro calls all parties to the table January 11 to negotiate a resolution before the January 25 court date.

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