A nuclear engineer and a financial analyst are expected to testify before the Public Service Commission on Tuesday about the cost of building two more nuclear reactors at Plant Vogtle, southeast of Augusta.
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.
State regulators have approved Georgia Power's costs so far to build two nuclear reactors at Plant Vogtle in Waynesboro. The Georgia Public Service Commission gave the approval at a meeting Tuesday, but also asked for new projections for when the work will be finished.
Energy Secretary Steven Chu says the construction of America's first new nuclear plant in a generation in Georgia will influence whether other utilities nationwide follow suit by investing in new reactors. Chu told reporters Wednesday after touring the construction site at Plant Vogtle that completing the $14 billion project on time and within its budget would tell other power companies that new nuclear plants make "a good investment."