Company issues $188 million in total 2018 bill credits for customers; Progress continues at nation's only new nuclear units under construction
ATLANTA, Sept. 6, 2018 /PRNewswire/ -- Georgia Power customers will receive the third $25 credit for the Vogtle nuclear expansion on bills this month. A total of $75 in 2018 bill credits, or $188 million overall, were approved by the Georgia Public Service Commission (PSC) as part of its order to continue construction of Vogtle 3 & 4 in December 2017. Customers also received separate $25 credits in April and July. The 2018 bill credits are a direct result of parent guarantee payments for the Vogtle project from Toshiba available due to the strength of the original contract for the project and protections in place for Georgia electric customers.
Vogtle 3 & 4 are the nation's only new nuclear units under construction with new progress made every day at the construction site near Waynesboro, Georgia. Most recently, Georgia Power announced the placement of the third 1.4 million-pound steam generator for the project. Steam generators, measuring nearly 80 feet long, are heat exchangers used to convert water into steam using the heat produced in a nuclear reactor core. Four steam generators are needed for the new units with the final steam generator onsite and expected to be placed in the coming months. Watch a time-lapse video of the placement here.
To learn more about Georgia Power's commitment to safe, clean, reliable and affordable energy, including the Vogtle 3 & 4 nuclear expansion, visit www.GeorgiaPower.com.
About Georgia Power
Georgia Power is the largest electric subsidiary of Southern Company (NYSE: SO), America's premier energy company. 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, 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), Twitter (Twitter.com/GeorgiaPower) and Instagram (Instagram.com/ga_power).
Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this communication is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning future actions related to Plant Vogtle Units 3 and 4. 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the impact of any failure to amend the U.S. Department of Energy (DOE) loan guarantee to allow for additional borrowings; state and federal rate regulations and the impact of pending and future rate cases and negotiations; the impact of recent and future federal and state regulatory changes, as well as changes in application of existing laws and regulations; the uncertainty surrounding the recently enacted federal tax reform legislation, including implementing regulations and Internal Revenue Service interpretations, actions that may be taken in response by regulatory authorities, and its impact, if any, on the credit ratings of Georgia Power; current and future litigation or regulatory investigations, proceedings, or inquiries; available sources and costs of fuels; effects of inflation; the ability to control costs and avoid cost and schedule overruns during the development construction and operation of facilities, including Plant Vogtle Units 3 and 4 which include components based on new technology that is just beginning initial operation in the global nuclear industry at scale, including changes in labor costs, availability and productivity, challenges with management of contractors, subcontractors or vendors, adverse weather conditions, shortages, increased costs or inconsistent quality of equipment, materials, and labor, including any changes related to imposition of import tariffs, contractor or supplier delay, non-performance under construction, operating, or other agreements, operational readiness, including specialized operator training and required site safety programs, unforeseen engineering or design problems, start-up activities (including major equipment failure and system integration), and/or operational performance; the ability to construct facilities in accordance with the requirements of permits and licenses (including satisfaction of U.S. Nuclear Regulatory Commission (NRC) requirements, 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 PSC approvals and NRC actions; a decision by more than 10% of the owners of Plant Vogtle Units 3 and 4 not to proceed with construction; the inherent risks involved in operating and constructing nuclear generating facilities, including environmental, health, regulatory, natural disaster, terrorism, and financial risks; interest rate fluctuations and financial market conditions and the results of financing efforts; changes in The Southern Company's or Georgia Power's credit ratings, including impacts on interest rates, access to capital markets, and collateral requirements; the impacts of any sovereign financial issues, including impacts on interest rates, access to capital markets, impacts on foreign currency exchange rates, counterparty performance, and the economy in general, as well as potential impacts on the benefits of DOE loan guarantees; and the effect of accounting pronouncements issued periodically by standard setting bodies. Georgia Power expressly disclaims any obligation to update any forward-looking information.
SOURCE Georgia Power
For further information: Media Relations, (404) 506-7676 or (800) 282-1696, www.georgiapower.com