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