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Manufacturing

Aug. 12 - Georgia Power calculates 'Go' and 'No Go' options for Vogtle Units 3 and 4

Category: Manufacturing

Coastal Empire Staff Report

August 12, 2017 – In an announcement last week, Georgia Power announced it will finalize its assessment of whether to move forward with its assessments of the future of the  two nuclear reactors being built at Vogtle by end of August

The company expects to complete its comprehensive schedule and cost-to-complete assessment, as well as cancellation cost assessment, for the Vogtle nuclear expansion by the end of the month. The final recommendation is expected to be filed with the Georgia Public Service Commission (PSC) as part of the 17th Vogtle Construction Monitoring (VCM) Report, as well.  Once submitted, Georgia Power will work with the Georgia PSC to determine the best path forward for customers who are currently being billed every month to finance the construction of the new nuclear reactors.

Southern Company, the parent company of Georgia Power, announced second quarter earnings for 2017 on Wednesday. Included in the quarterly earnings materials were preliminary estimates for the Vogtle project from Georgia Power's ongoing analysis, wich estimated capital costs for the new units at Plant Vogtle could increase from $5.7 billion previously approved by the Georgia PSC to a range of $6.7 billion to $7.4 billion.  Financing costs for Georgia Power's share of the project could increase from previous projections of $2.3 billion to an estimated range of $3.1 billion to $3.5 billion.

Figures released this week are preliminary, the state, “estimates only – they have not been finalized and are subject to further refinement. Georgia Power cautions against using the company's preliminary estimates for its 45.7 percent share of the project to calculate 100 percent of the project costs as capital and financing costs for the project's co-owners will vary,” they stated.

Meanwhile, construction work continues at the Vogtle nuclear expansion under a new service agreement with Westinghouse during Georgia Power's assessments, as well as assessments by Oglethorpe Power, MEAG Power and Dalton Utilities, are finalized.  

Georgia Power is the largest electric subsidiary of Southern Company (NYSE: SO). 

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