Energy Department provides additional loan commitment for new Vogtle units
The U.S. Department of Energy (DOE) and Georgia Power recently reached an agreement for a conditional commitment of approximately $1.67 billion in additional loan guarantees for the expansion of the Plant Vogtle nuclear plant near Waynesboro, Georgia.
Georgia Power now has a total of approximately $5 billion in expected loan guarantees from DOE for the construction of units 3 and 4 at the plant.
“We thank the DOE for their support and commitment to the Vogtle 3 and 4 project,” Paul Bowers, chairman, president and CEO of Georgia Power, 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.”
Georgia Power owns 45.7 percent of the new units with Oglethorpe Power, MEAG Power and Dalton Utilities as co-owners.
“Today’s announcement is welcome news for Oglethorpe Power, the Vogtle project, and the future of America’s electric generation,” National Rural Electric Cooperative Association (NRECA) CEO Jim Matheson said. “Nuclear energy is an essential source of emissions-free, 24/7 power. This DOE loan guarantee will help promote a diverse fuel mix, which is vital as electric co-ops work to meet 21st-century energy needs and ensure continued access to affordable, reliable power. I applaud DOE and Secretary Perry for recognizing the value of this project and making it more affordable for our members.”
On Aug. 31, Georgia Power with the support of the project’s co-owners filed a recommendation with the Georgia Public Service Commission (PSC) to continue construction of the expansion based on a schedule, cost-to-complete and cancellation assessment.
The Georgia PSC is expected to review the recommendation and make a decision regarding the future of the project as part of the 17th Vogtle Construction Monitoring (VCM) proceeding.
