As Vogtle tab mounts, regulators delay approval of spending
ATLANTA - Shareholders of Georgia Power Co. may be at more risk of shouldering the utility’s share of cost overruns for the two new nuclear reactors being built at Plant Vogtle.
The Georgia Public Service Commission on Tuesday approved an order saying the commission won’t agree that any expenses above $7.3 billion are “reasonable” until the end of the project.
The move reduces Georgia Power’s legal assurance that it will get the money back from ratepayers.
Its share of construction costs is already projected to be $9.2 billion, with another $3.2 billion in financing costs.
Overall spending at Vogtle for all owners is projected to surpass $27.8 billion
Units 3 and 4 have been under construction in recent years at the plant near Waynesboro, while units 1 and 2 have been operating for decades.
As of a few weeks ago, the company projected a Unit 3 in-service date in the second quarter of 2022 and a Unit 4 in-service date in the first quarter of 2023, representing a three- to four-month shift for each unit.
Unit 3 direct construction is nearly complete.
The company says the schedule and cost revisions are a result of “productivity challenges” and additional time for testing and quality assurance.
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