Ga. Power says it will get rest of Toshiba payments on Vogtle by Dec. 15

[private]Georgia Power said Tuesday that Toshiba has agreed to pay by Dec. 15 the remaining $3.2 billion it owes the companies building the Plant Vogtle nuclear reactors.

Toshiba is the parent company of Westinghouse Electric, which was the primary contractor on the Vogtle project before declaring bankruptcy last March.

Toshiba had pledged to make $3.68 billion in total payments to Georgia Power and its Vogtle partners and had already make an initial payment of $455 million. There were questions as to whether the Japanese corporation would be financially able to make the remaining payments, however.

The pending agreement to make the remainder of the payments this month “will only become binding upon satisfaction of certain conditions including, but not limited to, approval of Toshiba’s board of directors and receipt of U.S. Department of Energy (DOE) approval,” Georgia Power said in a press statement.

Georgia Power’s proportionate share of the final payments is $1.47 billion, with the rest going to Oglethorpe Power, MEAG Power, and Dalton Utilities.

“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,” Georgia Power President Paul Bowers said.

Bowers said the utility giant “continue(s) 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.”

© 2017 by The Georgia Report

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Tags: Georgia Power , Plant Vogtle , Toshiba