Vogtle nuclear plant owners agree to continue construction https://www.utilitydive.com/news/vogtle-nuclear-plant-owners-agree-to-continue-construction/533318/ Under the agreement, Southern subsidiary Georgia Power would pay 55.7% of cost overruns up to $1.6 billion beyond their current price estimate.
If costs increase above that, Georgia Power would pay 65.7% of the costs up to $2.1 billion over the original estimate. Beyond that figure, minority owners could sell a portion of their ownership stakes in Vogtle in exchange for Georgia Power paying “100% of such Vogtle owner’s remaining share of construction costs.”
In that situation, Georgia Power could also elect to walk away from the project entirely.
The agreement also includes provisions to address a lawsuit from the Jacksonville Electric Authority, which wants to exit a power purchase agreement for Vogtle it signed with MEAG. If that happens, Georgia Power would provide MEAG with up to $250 million in loans to finance the plant’s completion, subject to approval by Georgia regulators and the DOE.
