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:
- Performed 6.9 million work hours safely from January to
June 2016 with all construction
activities meeting stringent Nuclear Regulatory Commission (NRC)
requirements.
- Placed thousands of tons of modules, including the CA02 and
CA03 structural modules for Unit 3 – the two modules complete the
placement of the "Big Six" modules for the unit.
- Installed or placed more than 1,480 tons of rebar, more than
2,451 tons of structural steel and more than 10,845 cubic yards of
concrete in the nuclear islands, turbine islands and annex building
alone.
- Completed all Vogtle Unit 1 230-kV switchyard modifications
necessary to connect the new units to the transmission grid without
interrupting power delivery from the operational units.
- Transitioned Westinghouse and its affiliates as the primary
contractor, which has enhanced communication.
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
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 timing of completion of Plant
Vogtle Units 3 and 4, job creation 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, 2015, 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 generating
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 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