15th VCM Report recaps progress at Vogtle expansion through June 2016
ATLANTA, Aug. 31, 2016 /PRNewswire/ -- Georgia Power today filed its 15th Vogtle Construction Monitoring (VCM) Report with the Georgia Public Service Commission (PSC). The company files a VCM report every six months to recap the latest progress in the construction of Plant Vogtle Units 3 and 4. Today's report highlights multiple construction milestones in the first half of 2016 and requests approval of $141 million invested by Georgia Power during that time. The Georgia PSC has unanimously approved all costs submitted through the VCM process to date.
The new Vogtle units are among the first built in the U.S. in the last three decades and, once online, will serve customers for more than 60 years. The expansion of Plant Vogtle is also the state's largest job-producing construction project with more than 6,000 workers on site today and 800 permanent jobs once the new units begin operation.
Progress outlined in today's report includes:
The capital and construction cost for Georgia Power's share of the new units remains $5.44 billion with projected in-service dates of June 2019 (Unit 3) and June 2020 (Unit 4). The 15th VCM Report continues to illustrate that completing the new units at Plant Vogtle remains the best cost option for meeting Georgia's future energy needs. The projected overall peak rate impact of the Vogtle nuclear expansion continues to be 6 to 8 percent – nearly half of the original peak rate forecast – due to lower financing rates, other benefits the company has proactively pursued and the fuel savings of nuclear. Most of the rate impact is already included in rates, with approximately 2.5 percent remaining to be added over the next three years. Once the new units come on line, they are expected to put downward pressure on rates and deliver long-term savings for Georgia customers.
Georgia Power delivers reliable energy for customers at the lowest possible cost by leveraging a diverse generation mix, including nuclear, 21st century coal and natural gas, as well as renewables such as solar and wind. To learn more about Georgia Power's diverse generation portfolio, the Vogtle nuclear expansion project, and read the full 15th VCM Report, visit www.GeorgiaPower.com.
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 2.5 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. Georgia Power focuses on delivering world-class service to its customers every day and the company is consistently recognized by J.D. Power and Associates as an industry leader in customer satisfaction. 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
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SOURCE Georgia Power
For further information: Georgia Power Media Relations, (404) 506-7676 or (800) 282-1696