2023-12-19 21:30:11
Georgia utility regulators on Tuesday approved a request from Georgia Power to pass on an additional $7.56 billion to customers to cover cost overruns at its Vogtle nuclear reactor project.
The plan to expand Vogtle’s two reactors has been hailed as a major milestone for the U.S. nuclear industry, which some see as a critical means of transitioning to cleaner energy sources. But the project’s reactors arrived seven years late and its total cost reached $30 billion, more than double initial forecasts.
In July, Unit 3, the first on the project to enter service, became the newest reactor in the United States to enter commercial operation. Unit 4 is expected to be completed in the first quarter of 2024.
The average price charged to consumers will be approximately 5% higher in the month following Unit 4’s commercial operation, according to a company statement.
“We believe this decision by the Georgia Public Utilities Commission considers the views of all affected parties and takes a balanced approach that recognizes the value of this long-term energy asset to the State of Georgia and the needs customers when it comes to affordability,” a company spokesperson said.
Georgia Power, a unit of Southern Co, owns a 45.7% stake in the Vogtle reactors. It provides electricity to 2.7 million customers in the state. (Reporting by Nicole Jao in New York and Sourasis Bose in Bengaluru; Editing by Maju Samuel and David Gregorio)
1703036279
#Regulators #Georgia #Power #raise #rates #cover #cost #overruns #December #p.m
