Ga. Power agrees to take over management of Vogtle project

[private]Georgia Power and Westinghouse Electric have finalized a new service agreement under which the utility giant will take over the project management of the Plant Vogtle nuclear expansion.

The agreement, which was announced Friday night, was approved by the U.S. Department of Energy, which has guaranteed some $6.5 billion in loans for the project. The pact still has to get the approval of the Westinghouse board of directors and U.S. bankruptcy court.

Georgia Power and Southern Nuclear, another Southern Co. subsidiary, will now be in charge of managing the massive nuclear project that is more than $3 billion over budget and nearly four years behind schedule.

“We are pleased with today’s positive developments with Toshiba and Westinghouse that allow momentum to continue at the site while we transition project management from Westinghouse to Southern Nuclear and Georgia Power,” Georgia Power President Paul Bowers said.

“We are continuing to work with the project’s co-owners to complete our full-scale schedule and cost-to-complete analysis and will work with the Georgia Public Service Commission to determine the best path forward for our customers,” Bowers said.

Georgia Power and Westinghouse have been negotiating ever since Westinghouse filed for bankruptcy in March.

Georgia Power officials said the new agreement also affirms the value of $3.68 billion in guarantees from Toshiba, the parent company of Westinghouse, towards the Vogtle project. The first payment is due from Toshiba in October.

© 2017 by The Georgia Report

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Tags: Georgia Power , Plant Vogtle , Westinghouse