ATLANTA, May 12, 2017 /PRNewswire/ -- Georgia Power
and Westinghouse have, in principle, reached a new service
agreement which allows for the transition of project management
from Westinghouse to Southern Nuclear and Georgia Power once the
current engineering, procurement and construction contract is
rejected in Westinghouse's bankruptcy proceeding.
The interim assessment agreement will remain in place until
June 3 while the new service
agreement is finalized and all approvals are obtained. During this
time, work will continue at the site and an orderly transition of
project management will begin. As previously stated, the company
will take all actions necessary to hold Westinghouse and Toshiba
accountable for their financial obligations.
Georgia Power will continue work to complete its full-scale
schedule and cost-to-complete analysis and work with the project
Co-owners (Oglethorpe Power, MEAG Power and Dalton Utilities) and
the Georgia Public Service Commission to determine the best path
forward for customers.
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 finalization of agreements 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 and
the impact of any inability or other failure of Toshiba to perform
its obligations under its guarantee, including any 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