ATLANTA, Aug. 4, 2017 /PRNewswire/ -- Georgia
Power expects to complete its comprehensive schedule and
cost-to-complete assessment, as well as cancellation cost
assessment, for the Vogtle nuclear expansion by the end of the
month. The final recommendation is expected to be filed with the
Georgia Public Service Commission (PSC) as part of the
17th Vogtle Construction Monitoring (VCM) Report. Once
submitted, Georgia Power will work with the Georgia PSC to
determine the best path forward for customers.
Southern Company, the parent company of Georgia Power, announced
second quarter earnings for 2017 on Wednesday. Included in the
quarterly earnings materials were preliminary estimates for the
Vogtle project from Georgia Power's ongoing analysis. According to
preliminary estimates, Georgia Power's estimated capital costs for
the new units at Plant Vogtle could increase from $5.7 billion previously approved by the Georgia
PSC to a range of $6.7 billion to $7.4
billion. Financing costs for Georgia Power's share of
the project could increase from previous projections of
$2.3 billion to an estimated range of
$3.1 billion to $3.5
billion.
Figures released this week are preliminary estimates only – they
have not been finalized and are subject to further refinement.
Georgia Power cautions against using the company's preliminary
estimates for its 45.7 percent share of the project to calculate
100 percent of the project costs as capital and financing costs for
the project's co-owners will vary.
Construction work continues at the Vogtle nuclear expansion
under a new service agreement with Westinghouse while Georgia
Power's assessments, as well as assessments by Oglethorpe Power,
MEAG Power and Dalton Utilities, are
finalized.
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, 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 estimated cost
and schedule information for Plant Vogtle Units 3 and 4 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 construction of Plant Vogtle Units 3
and 4; 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