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Georgia PSC Approves Vogtle Construction Costs

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johnsyn   Thursday, 09/01/11 03:09:43 PM
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Georgia PSC Approves Vogtle Construction Costs
Aug 16, 2011

ATLANTA -- The Georgia Public Service Commission, in a 5-0 vote, approved Georgia Power's spending on Vogtle units 3 & 4 for the period including July 1, 2010, through Dec. 31, 2010.

The construction of Vogtle units 3 and 4 is monitored by the Georgia Public Service Commission via monthly filings and construction monitoring reports filed every six months. Moreover, additional tools are in place to help protect customers, including $1 billion in savings from U.S. Department of Energy loan guarantees, production tax credits and CWIP (Construction Work in Progress).

Georgia Power, a subsidiary of Southern Company (NYSE: SO), is preparing the Vogtle site in order to begin full scale construction of the first new nuclear power plants in the U.S. in more than 25 years upon receipt of a Combined Construction and Operating License (COL) from the Nuclear Regulatory Commission (NRC).

The project is moving forward toward issuance of the Vogtle COL. The company expects to receive the Vogtle COL around the end of 2011 with Unit 3 becoming operational in 2016 and Unit 4 in 2017.

Georgia Power is the largest subsidiary of Southern Company, one of the nation's largest generators of electricity. The company is an investor-owned, tax-paying utility with rates well below the national average. Georgia Power serves 2.4 million customers in all but four of Georgia's 159 counties.

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