The new reactors, each 1,100-MW AP1000 Westinghouse models, will be Units 3 and 4 at Vogtle. Southern's cost numbers add to a tough week for the U.S. nuclear industry. To batteries and beyond: Lithium-ion dominates utility storage; could competing chemistries change that? In web page on the project, Southern Co. noted that electricity demand in … included placing four step-up transformers at the site earlier this year. "Ultimately, the final decision will rest with the Georgia PSC," Fanning said. Assuming the other owners have similar financing costs, the total cost for the plant could rise to $25 billion in a low-cost scenario, and reach over $27 billion in a high cost scenario. By choosing “I Agree”, you understand and agree to Clarion’s Privacy Policy.
Vogtle Units 3 & 4 will be the first advanced Gen III+ units built in the U.S. and are currently the only new nuclear units being constructed in the country. Gavin Bade
The AP1000 is the only Generation III+ reactor to … Georgia Power reported it is making “significant progress” on construction for the first new nuclear power reactors in more than a generation, but ever rising costs of the $25 billion project helped drive down the utility’s credit rating and slapped all owners with financial hits. … Construction is currently 44% complete, the company said. The latest cost revision comes only eight months after a previous tabulation was reviewed and approved by Georgia state utility regulators, Morningstar’s release reads. The generation units are expected to go online in November 2021 and 2022, respectively, generating emissions-free electricity for about 500,000 owners.
Canceling the project would cost an expected $6.8 billion.
Unit 4 …
Plant Vogtle units 3 and 4 will be the first new nuclear units built in the United States in the last three decades. Summer plant, the only other nuclear facility being built in the country. News of the cost increase came two days after South Carolina utilities abandoned construction of two new units at the V.C. “If Plant Vogtle Units 3 and 4 were cancelled and Georgia Power was unable to recover costs it has incurred in connection with the project, Southern Company’s results of operations, cash flow, and financial condition would be materially impacted. Jul 14 – Jul 16, 2021, Toshiba agreed to pay the owners $3.68 billion, Tab swells to $25 billion for nuclear-power plant in Georgia. When you visit Clarion Events (and our family of websites), we use cookies to process your personal data in order to customize content and improve your site experience, provide social media features, analyze our traffic, and personalize advertising.
Georgia’s power latest show of progress included placing four step-up transformers at the site earlier this year. Subscribe to Utility Dive to get the must-read news & insights in your inbox.
MEAG Power also owns more than 22 percent of the project, according to reports. Georgia Power/Handout via REUTERS . The free newsletter covering the top industry headlines, By signing up to receive our newsletter, you agree to our, Midwest Renewable Energy Association, 7558 Deer Road, Custer, WI, • Follow The earliest in-service dates for the two reactors have now been pushed back to Feb. 2021, and Feb. 2022, respectively. Summer, marking the end of a "nuclear renaissance" some analysts predicted when the plants were proposed nearly a decade ago. It took over project management for Vogtle after the bankruptcy of contractor Westinghouse in 2017. Xcel Energy to invest $1.4 billion in renewables projects, retire Minnesota coal: company, Puget Sound Energy's Colstrip coal plant sale falls through, The Role of Integrated Video Telematics in Driver Safety and Fleet Efficiency, How to Future-Proof Your Utility for Whatever Comes Next, Energy Storage North America & Intersolar North America, Securing Faster Payments: Addressing the Account Validation Rule, Hawaiian Electric Pioneers Use of Climate Data, PVpallet, a New Way to Handle Solar Modules.
“Oglethorpe is still analyzing the need to rebuild its contingency, based on this new estimate-to-complete forecast provided by Georgia Power and Southern Nuclear,” the company reported. Teams also completed a significant concrete placement inside the Unit 4 containment vessel, clearing the path for installation of the first-floor module for the unit, CA32. Yet building the nation’s first new nuclear power units in 30 years has been supremely taxing for primary owner and construction leader Georgia Power. The ability to provide long-term storage could give power-to-gas technologies an edge as renewables grow on the grid, some experts say. As construction continues, Georgia Power remains focused on completing Vogtle units 3 and 4 with safety and quality as top priorities.
Work on Vogtle Units 3 and 4 began in 2009 and costs have ballooned to $25 billion. Southern owns 45.7% of the Vogtle plant and three municipal utilities — Oglethorpe Power (30%), MEAG Power, (22.7%) and Dalton Utilities (1.6%) — own the remaining shares.
The utility reported it expects to pay between $9.8 billion and $10.9 billion for its 45.7% share of the Vogtle plant, taking into account guarantee obligations from Toshiba. “The review for further downgrade reflects the near-term risk that one or both of the key co-owners (Oglethorpe Power Corp. and MEAG Power) will decide to opt out of the project as allowed under the amended ownership agreement,” the ratings firm noted. The unit of utility holding company Southern Co. reported that more than 7,000 workers are onsite continuing construction efforts for the Vogtle 3 & 4 units.
Vogtle’s owners can vote on the construction’s fate sometime in the third quarter, according to Southern Co.’s second-quarter filing with the U.S. Securities and Exchange Commission. What Is the Clean Energy Industry Doing to Confront Racism? the bankruptcy of contractor Westinghouse, omes only eight months after a previous tabulation. Due to delays, it and the Vogtle project risked missing out on federal tax credits for nuclear power, which are slated to phase out in 2021.
The ultimate outcome of this matter cannot be determined at this time.”.
Vogtle Units 3 & 4 are notoriously over budget, and their construction has been delayed for years. If Southern chooses to forge ahead, it expects to finish Unit 3 of Vogtle between Feb. 2021 and March 2022. Those numbers only account for Georgia Power's share of the plant, however. Its subsidiary, Westinghouse, was a main contractor on both the Vogtle and Summer plants and went bankrupt earlier this year amid delays and cost overruns at the plants.
According to Southern's most recent 8-K filing with the SEC, its subsidiary Georgia Power has already spent $4.5 billion on the nuclear plant expansion. Southern reported a second-quarter net loss of $158 million, or 15 cents per share, but that paled compared to the $1.38 billion loss reported for the same period last year. The new numbers will figure into cost calculations that Georgia Power plans to submit to regulators late this month, Southern CEO Tom Fanning said on a Wednesday earnings call. On Monday, SCANA and Santee Cooper announced they would abandon construction of two new units at the V.C.
But larger questions remain around the infrastructure and policies to support it. The total cost of the Vogtle nuclear plant expansion is likely to top $25 billion dollars and could reach over $27 billion, according to a Southern Co. filing with the Securities and Exchange Commission.
Discover announcements from companies in your industry. However, if one assumes OPC’s final contingency amount is similar to the amount announced today in Georgia Power’s public disclosures, OPC’s budget would increase by approximately five to six percent.”.
When first proposed, Southern planned to finish the reactors in 2019 and 2020, respectively. A Southern Co. spokesperson confirmed the cost calculations but said the company could not speak to other owners' costs. The increase led financial ratings firm Morningstar to downgrade the utility from A3 to Baa1 status. Jun 25 – Jun 27, 2021, Long Beach Convention Center | Long Beach, CA, •
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