Tuesday, August 2, 2011
ATLANTA (AP) — Utility regulators have rejected a plan that would have trimmed Georgia Power's profits if the cost of building a new nuclear plant goes over budget.
The elected members of the Public Service Commission voted unanimously Tuesday to approve an agreement that dropped the financial risk-sharing concept.
The agreement was negotiated last month between PSC staff members and the utility. It eliminates a plan that would have trimmed Georgia Power's profits if the construction of two more nuclear reactors at Plant Vogtle near Augusta cost the Southern Co. subsidiary more than $6.4 billion. The company could have earned a boost in profits had the project come in under budget.
Georgia Power has agreed not to contest the commission's power to review and potentially reject egregious construction costs.
(Copyright 2011, The Associated Press)