1/15/2024 0 Comments Excelsior emc vogtle ownershipHowever, once the expansion is complete, the company can request that the five-member Public Service Commission add other costs to customers’ bills instead of further cutting into its profits or passing them along to shareholders. Last year, Georgia Power exceeded a limit of $7.3 billion on how much its 2.6 million customers must pay in capital costs. As part of an agreement with Georgia Power, which owns 46% of the plant outside of Augusta, the $920 million charge includes $440 million from other utilities involved in the project. Vogtle’s expansion construction costs are expected to rise to more than $30 billion, up from an initial estimate of $14 billion in 2012. “In recognition of the possibility for new challenges to emerge, we further risk adjusted our current forecast by establishing a range of three to six additional months for each unit, and we’ve reserved for the maximum amount.” “Over the last year a number of challenges including shortcomings, and construction and documentation quality have continued to emerge, adding to project timelines and costs,” Fanning said. The completion of the third and fourth reactors at Plant Vogtle, chiefly owned by Southern and its subsidiary Georgia Power, is now projected to be delayed three-to-six months, with the third unit coming on line in March 2023 and the final reactor ready by the end of the year, according to Southern’s report. Thomas Fanning, president and CEO of Southern Co., said during Thursday’s earnings call that the parent company of Georgia Power took past repeated disruptions and challenges into account when it revised this timeline for completing the plant’s two final units, with the latest mishap caused by incomplete and missing inspection records that resulted in a backlog of more than 10,000 records. This story also appeared in Georgia Recorder Find Your County Services, Officials Open dropdown menu.
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