ATLANTA, Jan. 21, 2016 /PRNewswire/ -- Georgia Power today filed detailed terms and conditions of a $350 million settlement agreement between the company and Westinghouse, the contractor for the Vogtle 3 & 4 project, with the Georgia Public Service Commission (PSC). The settlement agreement reaffirms the current in-service dates of June 2019 (Unit 3) and June 2020 (Unit 4), adds additional contractual protections for customers and increases efficiencies with Westinghouse and its affiliates as the primary project contractor.
Including the settlement, the project's remaining projected customer rate impact is still approximately 2.5 percent, an average of less than 1 percent per year through the expected completion date of 2020. Once the new units come online, they are expected to put downward pressure on rates and deliver long-term savings for customers.
Now more than 60 percent complete based on contractual milestones, progress continues at the Vogtle site every day. Major milestones completed in 2015 included the placement of the 1,140-ton CA01 module for Unit 3, the placement of the 950-ton lower ring for Unit 4 and more than 26,000 total cubic yards of concrete. Click here to watch videos highlighting major construction milestones, multimillion pound equipment placements and quarterly timeline videos on Georgia Power's YouTube Channel. Click here to visit the online Vogtle 3 & 4 photo gallery, updated every month with the latest photos of the project.
The expansion at Plant Vogtle near Waynesboro, Georgia is part of Georgia Power's long-term, strategic plan for providing safe, clean, reliable and affordable energy for Georgians. Once units 3 and 4 join the existing two Vogtle units already in operation, Plant Vogtle is expected to generate more electricity than any other U.S. nuclear facility, enough to power more than one million homes and businesses. Southern Nuclear is overseeing construction and will operate the new units on behalf of Georgia Power, which owns 45.7 percent of the facility, and co-owners Oglethorpe Power Corporation, the Municipal Electric Authority of Georgia and Dalton Utilities.
About Georgia Power
Georgia Power is the largest subsidiary of Southern Company (NYSE: SO), one of the nation's largest generators of electricity. Value, Reliability, Customer Service and Stewardship are the cornerstones of the company's promise to 2.4 million customers in all but four of Georgia's 159 counties. Committed to delivering clean, safe, reliable and affordable energy at rates below the national average, Georgia Power maintains a diverse, innovative generation mix that includes nuclear, 21st century coal and natural gas, as well as renewables such as solar, hydroelectric and wind. Consistently recognized as a leader in customer service, Georgia Power was recently ranked highest in overall business customer satisfaction among large utilities in the South by J.D. Power and Associates. For more information, visit www.GeorgiaPower.com and connect with the company on Facebook (Facebook.com/GeorgiaPower) and Twitter (Twitter.com/GeorgiaPower).
Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this release is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning the expected benefits of the settlement, the anticipated schedule for completion of Plant Vogtle Units 3 and 4, and the expected impact on customer rates. Georgia Power cautions that there are certain factors that could cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Georgia Power; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Georgia Power's Annual Report on Form 10-K for the fiscal year ended December 31, 2014, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the impact of recent and future federal and state regulatory changes, as well as changes in application of existing laws and regulations; current and future litigation, regulatory investigations, proceedings, or inquiries; available sources and costs of fuels; the ability to control costs and avoid cost overruns during the development and construction of facilities, which includes the development and construction of facilities with designs that have not been finalized or previously constructed; state and federal rate regulations and the impact of pending and future rate cases and negotiations, including rate actions relating to fuel and other cost recovery mechanisms; the ability to construct facilities in accordance with the requirements of permits and licenses, to satisfy any environmental performance standards and the requirements of tax credits and other incentives, and to integrate facilities into the Southern Company system upon completion of construction; advances in technology; legal proceedings and regulatory approvals and actions related to Plant Vogtle Units 3 and 4, including Georgia Public Service Commission approvals and Nuclear Regulatory Commission actions and related legal proceedings involving the commercial parties; and the ability of counterparties of Georgia Power to make payments as and when due and to perform as required. Georgia Power expressly disclaims any obligation to update any forward-looking information.
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SOURCE Georgia Power