ATLANTA, Nov. 30, 2017 /PRNewswire/ -- Georgia Power has
released a new aerial video of the nation's only new nuclear units
currently under construction – Vogtle Units 3 and 4 near
Waynesboro, Georgia. The video
provides a bird's-eye view inside the nuclear containment areas of
both units, as well as the turbine buildings where electricity will
be generated to power approximately 500,000 homes and businesses
once the units are completed.
The aerial video illustrates the continued progress made by the
6,000 workers from across the country every day on the construction
site. Recent milestones include the placement of the 52-ton CA02
module for Unit 4, a critical component and part of the
In-Containment Refueling Water Storage Tank, as well as the
installation of the first steam generator, installation of two
accumulator tanks for Unit 3 and nearly 2,500 cubic yards of
concrete placed inside the containment areas of both
units.
Georgia Power has also updated its popular time lapse video
which chronicles years of construction progress in just minutes. In
addition to new videos posted regularly on the Georgia Power
YouTube Channel, follow the progress from the site with new photos
added from the Vogtle nuclear expansion site each month in the
Plant Vogtle 3 & 4 Online Photo Gallery.
Vogtle Project Review Underway
Georgia Power
owns 45.7 percent of the new units, with the project's other
Georgia-based co-owners including
Oglethorpe Power, MEAG Power and Dalton Utilities. On August 31, Georgia Power filed a recommendation
with the Georgia Public Service Commission (PSC) to continue
construction of the Vogtle nuclear expansion supported by all of
the project's other co-owners. The recommendation was based on the
results of a comprehensive schedule, cost-to-complete and
cancellation assessment launched following the bankruptcy of
Westinghouse in March. The Georgia PSC is reviewing the
recommendation and is expected to make a decision regarding the
future of the Vogtle 3 and 4 project as part of the 17th Vogtle
Construction Monitoring (VCM) proceeding. Read the 17th
VCM Report here and recent comments from Georgia Power Chairman,
President & CEO Paul Bowers to
the Georgia PSC here.
From the beginning of the Vogtle expansion, Georgia Power has
worked to minimize the impact of the new units on customer bills.
This effort continues during the Georgia PSC's review of the
recommendation with the company recently announcing a conditional
commitment of approximately $1.67
billion in additional loan guarantees for the project from
the U.S. Department of Energy (DOE), as well as receipt of multiple
scheduled parent guarantee payments from Toshiba. Today, after
including anticipated customer benefits from federal production tax
credits, interest savings from loan guarantees from the DOE and the
fuel savings of nuclear energy, the projected peak rate impact to
Georgia Power retail customers is approximately 10 percent, with 5
percent related to the project already in rates – well below
original projections of approximately 12 percent.
Final approval and issuance of these additional loan guarantees
by the DOE cannot be assured and are subject to the negotiation of
definitive agreements, completion of due diligence by the DOE,
receipt of any necessary regulatory approvals, and satisfaction of
other conditions.
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 expected rate impacts 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 impact of any inability or other
failure of Toshiba to perform its obligations under its guarantee;
the impact of any failure to extend the in-service deadline for
federal production tax credits; the impact of any failure to amend
the DOE loan guarantee to allow for additional borrowings; 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 DOE 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