A state financial analyst says Georgia wouldn't build a nuclear power plant if it were starting from scratch. The analyst working for state regulators, Philip Hayet, said in written testimony that the total costs of building two more nuclear reactors at Plant Vogtle is more expensive than the next-best option, constructing natural gas plants.
The president of Southern Co. says the utility is no longer seeking to raise the construction budget for a nuclear plant in eastern Georgia. CEO Thomas Fanning told analysts Wednesday that the Atlanta-based company reached a preliminary deal with Georgia officials.
The Southern Co. is taking an additional $450 million in losses on an over-budget coal-fired power plant in Mississippi. Southern Co. previously took a $540 million loss on the plant. Georgia utility regulators are watching the company’s approach to overruns at the Mississippi plant as they consider excess costs at Plant Vogtle near Augusta.
The federal government has granted a third deadline extension to owners of Plant Vogtle to agree to terms for federal loan guarantees of up to $8.3 billion to help finance two new nuclear reactors in Georgia.
An energy subcommittee in the state House is scheduled to hear testimony today about a bill that would punish Southern Company for cost overruns at Plant Voglte near Augusta. The bill is a sign of buyer's remorse in the case of the expensive new nuclear project that rate-payers are financing in advance. The bill would trim the company's profits to penalize it for higher costs.