ATLANTA, June 28, 2017 /PRNewswire/ -- Georgia Power and
Southern Nuclear are prepared to assume project management of the
Vogtle nuclear expansion from Westinghouse by late July under
the new service agreement finalized earlier this
month. The agreement continues to progress
through the approval process and will take effect once all required
approvals are received, including approval of the bankruptcy court
and rejection of the current engineering, procurement and
construction contract by Westinghouse.
The scope of the service agreement includes engineering,
procurement and licensing support from Westinghouse, as well as
access to Westinghouse intellectual property needed for the
project. To allow time for all approvals, the interim assessment
agreement has been extended through July 20.
The recently announced agreement between Georgia Power and
Toshiba, the parent company of Westinghouse, remains in place and
continues to affirm the value of Toshiba's guarantee at
$3.68 billion – providing additional
protections for Georgia electric
customers. The first payment from Toshiba under the agreement is
expected in the amount of $300
million in October 2017.
Georgia Power also continues work with the project's Co-owners
(Oglethorpe Power, MEAG Power and Dalton Utilities) to complete a
full-scale schedule and cost-to-complete analysis and will work
with the Georgia Public Service Commission to determine the best
path forward for customers.
New Vogtle Timeline Video Illustrates
Progress
Thousands of workers remain onsite at the
Vogtle nuclear expansion continuing efforts to construct the
nation's first new nuclear units in more than three decades.
Georgia Power has released its latest Vogtle
Timeline video highlighting progress during the second
quarter of 2017, including the arrival of new panels for the AP1000
passive containment cooling tank; the successful licensing
evaluation by the Nuclear Regulatory Commission (NRC) of 19 new
operators for the units; and an inside look into the NRC's
oversight of the plant and role in ensuring that Vogtle Units 3
& 4 are being built safely and correctly.
Click here to view the video.
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 scheduled payments under the guarantee
agreement, satisfaction of conditions to the effectiveness of the
service agreement, assumption of project management, 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