ATLANTA, April 28, 2017 /PRNewswire/ -- Georgia Power and
Westinghouse have extended the interim assessment agreement that
will allow work to continue at the site through May
12. During this time, the parties will continue to work on
finalizing a new service agreement which would, if necessary,
assure that Westinghouse continues to provide design, engineering
and procurement services to Southern Nuclear as a part of their
assumption of control over construction management.
Georgia Power will continue work to complete its full-scale
schedule and cost-to-complete analysis and actively work with the
Georgia Public Service Commission and the Co-owners (Oglethorpe
Power, MEAG and Dalton Utilities) to determine the best path
forward for customers. The company will continue to take
every action available to hold Westinghouse and Toshiba accountable
for their financial responsibilities under the engineering,
procurement and construction (EPC) agreement and the parent
guarantee.
About Georgia Power
Georgia Power is the
largest electric subsidiary of Southern Company (NYSE: SO),
America's premier energy company. Value, Reliability, Customer
Service and Stewardship are the cornerstones of the company's
promise to 2.5 million customers in all but four
of Georgia's 159 counties. Committed to delivering clean,
safe, reliable and affordable energy at rates below the national
average, Georgia Power maintains a diverse, innovative generation
mix that includes nuclear, 21st century coal and natural gas, as
well as renewables such as solar, hydroelectric and wind. Georgia
Power focuses on delivering world-class service to its customers
every day and the company is consistently recognized by J.D. Power
and Associates as an industry leader in customer satisfaction. For
more information, visit www.GeorgiaPower.com and connect
with the company on Facebook (Facebook.com/GeorgiaPower), Twitter
(Twitter.com/GeorgiaPower) and Instagram
(Instagram.com/ga_power).
Cautionary Note Regarding Forward-Looking
Statements
Certain information contained in this
communication is forward-looking information based on current
expectations and plans that involve risks and uncertainties.
Forward-looking information includes, among other things,
statements concerning the potential service agreement with
Westinghouse and other future actions related to Plant Vogtle Units
3 and 4. Georgia Power cautions that there are certain factors that
could cause actual results to differ materially from the
forward-looking information that has been provided. The reader is
cautioned not to put undue reliance on this forward-looking
information, which is not a guarantee of future performance and is
subject to a number of uncertainties and other factors, many of
which are outside the control of Georgia Power; accordingly, there
can be no assurance that such suggested results will be realized.
The following factors, in addition to those discussed in
Georgia Power's Annual Report on
Form 10-K for the year ended December 31,
2016, and subsequent securities filings, could cause actual
results to differ materially from management expectations as
suggested by such forward-looking information: the results of
Westinghouse's bankruptcy filing, including the effect on the
engineering, procurement and construction agreement for Plant
Vogtle Units 3 and 4, the construction of Plant Vogtle Units 3 and
4, and the U.S. Department of Energy loan guarantees; state and
federal rate regulations and the impact of pending and future rate
cases and negotiations; the impact of recent and future federal and
state regulatory changes, as well as changes in application of
existing laws and regulations; current and future litigation,
regulatory investigations, proceedings, or inquiries; available
sources and costs of fuels; effects of inflation; the ability to
control costs and avoid cost overruns during the development
construction and operation of facilities, which include the
development and construction of generating facilities with designs
that have not been finalized or previously constructed; the ability
to construct facilities in accordance with the requirements of
permits and licenses, to satisfy any environmental performance
standards and the requirements of tax credits and other incentives,
and to integrate facilities into the Southern Company system upon
completion of construction; advances in technology; legal
proceedings and regulatory approvals and actions related to Plant
Vogtle Units 3 and 4, including Georgia Public Service Commission
approvals and Nuclear Regulatory Commission actions; interest rate
fluctuations and financial market conditions and the results of
financing efforts; changes in The Southern Company's or Georgia
Power's credit ratings, including impacts on interest rates, access
to capital markets, and collateral requirements; the impacts of any
sovereign financial issues, including impacts on interest rates,
access to capital markets, impacts on foreign currency exchange
rates, counterparty performance, and the economy in general, as
well as potential impacts on the benefits of U.S. Department of
Energy loan guarantees; and the effect of accounting pronouncements
issued periodically by standard setting bodies. Georgia Power
expressly disclaims any obligation to update any forward-looking
information.
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SOURCE Georgia Power