Earlier this week, Georgia Power revised cost estimates for its share of Vogtle construction from $7.3 billion to $8.4 billion. In web page on the project, Southern Co. noted that electricity demand in the southeast U.S. is expected to grow 21 percent by 2025 and that Vogtle’s new output would provide millions of clean-emitting MWh. “As a result, at this time, OPC cannot provide a specific amount for its revised budget post-contingency. Parent company Southern Co.’s rating was affirmed at Baa2 with a negative outlook. Add in financing costs and expected expenses, and the utility figures it would pay up to $10.9 billion to finish the plant. It took over project management for Vogtle after the bankruptcy of contractor Westinghouse in 2017. Canceling the project would cost an expected $6.8 billion. Georgia Power reported it is making “significant progress” on construction for the first new nuclear power reactors in more than a generation, but ever rising costs of the $25 billion project helped drive down the utility’s credit rating and slapped all owners with financial hits. If Southern chooses to forge ahead, it expects to finish Unit 3 of Vogtle between Feb. 2021 and March 2022.
The generation units are expected to go online in November 2021 and 2022, respectively, generating emissions-free electricity for about 500,000 owners. The earliest in-service dates for the two reactors have now been pushed back to Feb. 2021, and Feb. 2022, respectively. Southern reported a second-quarter net loss of $158 million, or 15 cents per share, but that paled compared to the $1.38 billion loss reported for the same period last year.
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“Oglethorpe is still analyzing the need to rebuild its contingency, based on this new estimate-to-complete forecast provided by Georgia Power and Southern Nuclear,” the company reported. “If the holders of at least 90 percent of the ownership interests in Plant Vogtle Units 3 and 4 do not vote to continue construction, the Vogtle Joint Ownership Agreements provide that the project will be cancelled, and construction will cease,” the SEC filing reads. As construction continues, Georgia Power remains focused on completing Vogtle units 3 and 4 with safety and quality as top priorities. The free newsletter covering the top industry headlines, By signing up to receive our newsletter, you agree to our, Midwest Renewable Energy Association, 7558 Deer Road, Custer, WI, •
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Georgia-based Oglethorpe Power, which owns 30 percent of the Vogtle 3 and 4 project, said the impact of the cost increase will be “muted” due to previous contingency already built into the utility’s $7 billion budget. The ability to provide long-term storage could give power-to-gas technologies an edge as renewables grow on the grid, some experts say. Unit 4 … “The review for further downgrade reflects the near-term risk that one or both of the key co-owners (Oglethorpe Power Corp. and MEAG Power) will decide to opt out of the project as allowed under the amended ownership agreement,” the ratings firm noted.
… Summer plant, which had seen its expected cost swell from an initial $11.5 billion to more than $25 billion. In web page on the project, Southern Co. noted that electricity demand in … Southern estimated the plant would cost about $14 billion when it proposed the project in 2008. When you visit Clarion Events (and our family of websites), we use cookies to process your personal data in order to customize content and improve your site experience, provide social media features, analyze our traffic, and personalize advertising.
The unit of utility holding company Southern Co. reported that more than 7,000 workers are onsite continuing construction efforts for the Vogtle 3 & 4 units. By choosing “I Agree”, you understand and agree to Clarion’s Privacy Policy. The owners wouldn't pay all of that $25 billion themselves. The latest cost revision comes only eight months after a previous tabulation was reviewed and approved by Georgia state utility regulators, Morningstar’s release reads. The ultimate outcome of this matter cannot be determined at this time.”. A Southern Co. spokesperson confirmed the cost calculations but said the company could not speak to other owners' costs. However, if one assumes OPC’s final contingency amount is similar to the amount announced today in Georgia Power’s public disclosures, OPC’s budget would increase by approximately five to six percent.”. To batteries and beyond: With seasonal storage potential, hydrogen offers 'a different ballgame entirely', Enhance Outage Prediction and Prevention With Artificial Intelligence, Efficient O&M: The Path to Profitability for Power Generators, TMG Consulting Announces Vice President – Advisory Services Lead, Travis Hall, Lindsey Manufacturing now known as Lindsey Systems. When first proposed, Southern planned to finish the reactors in 2019 and 2020, respectively.
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