ATLANTA, Dec. 7, 2017 /PRNewswire/ -- Georgia Power
announced today the latest milestone at the Vogtle nuclear
expansion – the placement of additional shield building panels for
Unit 3 on Dec. 4. The shield building
provides structural support to the containment cooling water supply
and protects the containment vessel, which houses the reactor
vessel and associated equipment. The shield building is made of
steel and concrete in what is known as a steel composite design
that is about 150 feet high and about three feet thick. With this
week's placement, nearly 80 of the 336 total shield building panels
have been placed for Units 3 and 4.
Construction has continued uninterrupted at the Vogtle site
following Westinghouse's bankruptcy in March with all Vogtle
co-owners (Georgia Power, Oglethorpe Power, MEAG Power and Dalton
Utilities) working together to maintain the project's momentum.
Southern Nuclear, the nuclear operating subsidiary which operates
the existing units in Georgia, is
now the project manager at the site with global construction firm
Bechtel managing daily construction efforts.
Click here to view a video of a 28,000-pound shield building
panel being lifted into place for Vogtle Unit 3. In addition to new
videos posted regularly on the Georgia Power YouTube Channel,
follow the progress from the site with new photos added each month
in the Plant Vogtle 3 & 4 Online Photo Gallery.
Vogtle Project Review Underway
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 Westinghouse
bankruptcy. The Georgia PSC is reviewing the recommendation to move
forward 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 pursue all available benefits for customers and minimize
the impact of the new units on electric bills. In addition to this
week's announcement that the Vogtle co-owners have reached an
agreement to receive 100 percent of parent guarantee funds
available from Toshiba (approximately $3.2
billion) by Dec. 15, 2017, the
company recently announced a conditional commitment of
approximately $1.67 billion in
additional loan guarantees for the project from the U.S. Department
of Energy (DOE). 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 the 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 the new agreement with Toshiba, 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: failure to obtain
DOE approval of the new agreement; the impact of any inability or
other failure of Toshiba to perform its obligations under its
guarantee and the new agreement; 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