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Georgia Power secures additional $1.67bn funding for Plant Vogtle nuclear expansion project

EBR Staff Writer Published 03 October 2017

Georgia Power has secured an additional $1.67bn funding for the Plant Vogtle nuclear expansion project near Waynesboro, US.

An agreement between the US Department of Energy (DOE) and the company has been reached to this effect.

The additional loan guarantees come after the company previously received $3.46bn in loan guarantees to build three and four units of Vogtle.

Georgia Power expects to offer around $500m in present-value benefits to its customers, as more than $5bn is anticipated in DOE loan guarantees.

The company holds 45.7% stake in the new units, while the Oglethorpe Power, MEAG Power and Dalton Utilities own the remaining interest.

In August, Georgia Power submitted a recommendation to the Georgia Public Service Commission (PSC) to continue with work on the expansion project.

The recommendation was based on the results of a comprehensive schedule, cost-to-complete and cancelation evaluation launched following the bankruptcy of Westinghouse in March.

Under the 17th Vogtle Construction Monitoring (VCM) proceeding, Georgia PSC will assess the recommendation and take a decision on the three and four units of the project.

Vogtle three and four units are expected to be operational between 2019 and 2020. The units will use Westinghouse AP1000 pressurized water reactor technology that enables nuclear cores to be cooled even in the absence of operator interventions or mechanical assistance.

Georgia Power chairman, president and CEO Paul Bowers said: "From the outset, Georgia Power and the project co-owners have worked to minimize the impact of the project on our customers' bills and these additional loan guarantees will help us continue to reduce our financing costs."