Georgia Power reaches deal to receive all remaining Vogtle payments

Georgia Power announced today it will get all of the crucial payments this month from the parent company of its former main contractor for the two new nuclear reactors at Plant Vogtle. To date, the owners have received $455 million in total from Toshiba parent guarantees for construction at Vogtle. According to Bloomberg, under an earlier agreement, the payments would have been dispersed over several years, through 2020.

Vogtle is the only nuclear generator under construction in the USA today after the cancellation of the V.C. Summer nuclear expansion in SC.

Toshiba has agreed to speed up its $3.2bn payments to Georgia Power and the co-owners of Vogtle nuclear power plant located in Burke County, near Waynesboro, Georgia, US. The owners subsequently chose to cease construction of the SC plant.

Georgia Power also states that final approval and the issue of additional loans by the Department of Energy "cannot be assured and are subject to the negotiation of definitive agreements, completion of due diligence by the DOE, receipt of any necessary regulatory approvals, and satisfaction of other conditions".

Georgia Power chairman, president and CEO Paul Bowers said the company was pleased to have reached a "constructive agreement" with Toshiba regarding the parent guarantees. Those guarantees were put in place to protect Georgia electric customers from added costs.

The Public Service Commission is now reviewing the request and receiving testimony about the project and hearings will resume next Monday with testimony from the public. The recommendation was reached after a schedule, cost-to-complete and cancellation assessment, but PSC public interest advocacy staff have filed testimony questioning the economics of the project. A decision on whether to proceed is scheduled for February 6. Vogtle unit 3 is now expected to start commercial operation in November 2021 and unit 4 in November 2022.