Energy Department approves agreement for Toshiba to provide all remaining payments for Vogtle project
The U.S. Department of Energy (DOE) recently approved an agreement between Georgia Power and Toshiba under which Toshiba will provide all remaining scheduled payments for the Vogtle nuclear expansion by Dec. 15.
The remaining payments from Toshiba, the parent company of former primary Vogtle contractor Westinghouse, equal approximately $3.2 billion. Georgia Power’s proportionate share of the payments is approximately $1.47 billion. To date, the Vogtle co-owners, Georgia Power, Oglethorpe Power, MEAG Power, and Dalton Utilities, have received $455 million in total scheduled payments from Toshiba.
“We are pleased to have reached this constructive agreement with Toshiba regarding the parent guarantees for the Vogtle project and every dollar will be used to benefit our customers,” Paul Bowers, chairman, president and CEO of Georgia Power, said. “We remain committed to making the right decisions for our state’s energy future and continue to believe that completing both Vogtle units represents the best economic choice for customers and preserves the benefits of carbon-free, baseload generation for Georgia electric customers.”
Toshiba is required to provide the scheduled payment under the parent guarantee for the Vogtle 3 and 4 project, which was part of the project’s original contract.
Following the Westinghouse bankruptcy, the Vogtle co-owners completed a schedule, cost-to-complete and cancellation assessment. Georgia Power then filed a recommendation, which was supported by all of the project’s other co-owners, with the Georgia Public Service Commission (PSC) to continue the Vogtle nuclear expansion.
The Georgia PSC is currently reviewing the recommendation and is expected to make a decision on the future of the Vogtle project as part of the 17th Vogtle Construction Monitoring (VCM) proceeding.
