ATLANTA, Sept. 24, 2018 /PRNewswire/ -- Three of the
four Vogtle co-owners – representing 70 percent of the ownership –
have voted in favor of moving forward with completion of the
project. In contrast to the decision made by the other three
co-owners, Oglethorpe Power has asked for an extension and demanded
concessions to avoid obligations that it undertook when it became
an owner of the project. All of the remaining co-owners have agreed
to the extension in order to allow Oglethorpe Power more time to
consider its vote.
Vogtle 3 & 4 is the largest jobs-producing construction
project in Georgia, employing more
than 7,000 workers, and will be a 60-80 year asset delivering
affordable, carbon-free energy to the state, which Oglethorpe Power
recognized in statements to the Georgia Public Service Commission
(PSC) less than a year ago. The project will be canceled to the
detriment of the citizens of Georgia if Oglethorpe Power does not vote to
move forward under the current ownership structure.
"We hope Oglethorpe Power joins us in doing what is best for
Georgia's citizens and votes
tomorrow to fulfill its obligation to complete this project which
is critical to Georgia's energy
future," said Paul Bowers, chairman,
president and CEO of Georgia Power.
"The MEAG Power Board voted unanimously to support completion of
the project, taking into account the environmental and economic
benefits of the project to the state," said Jim Fuller, MEAG Power President and CEO. "We
are disappointed that Oglethorpe Power has not yet joined us in
agreeing to complete the units for the future of Georgia."
"Dalton Utilities believes that continuation of the Vogtle
Project is in the best interests of its customers," said
Tom Bundros, CEO of Dalton
Utilities. "We hope that OPC will realize the benefit of the
Vogtle Project to its customers and join us as we move
forward."
Last year, all four of the project co-owners presented a unified
recommendation to the PSC to continue construction of Vogtle 3
& 4 following Westinghouse's bankruptcy in 2017. At that time,
all four of the project co-owners considered their own costs and
fully acknowledged and accepted possible risks associated with
continuing construction. This understanding was reaffirmed again
last year when all four co-owners voted to continue
construction.
Despite this, in recent weeks Oglethorpe Power has continued to
demand Southern Company shareholders and ultimately Georgia Power
customers accept Oglethorpe's risk
in the project even though all four co-owners fully understood and
voluntarily accepted their own risks when they sought to become an
owner at the project's inception. Even though Georgia Power is
under no obligation to do so, the company provided several
proposals to Oglethorpe Power to help give them additional
financial support and certainty for their ratepayers.
Instead of taking a long-term view, Oglethorpe Power is using
the vote to try to burden others with its obligations and extract
unreasonable concessions.
While Oglethorpe Power implies it abdicated its responsibilities
to its customers and relied solely on representatives from Southern
Nuclear on the budget, Oglethorpe Power CEO Mike Smith said in 2017:
OPC has confidence in our revised capital budget for our
30 percent of the project and our financial strength to manage our
portion. Principally Oglethorpe is
choosing to focus on the long-term view. We recognize the benefits
of fuel diversity and stable priced, emission-free power for the
next 60 to 80 years. Mike Smith in
front of the Georgia Public Service Commission in August 2017
Vogtle units 3 & 4, if continued, will be the first new
nuclear units to be built in the United
States in more than 30 years. The new units will generate
enough emission-free electricity to power approximately 500,000
homes and businesses.
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 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 cancellation of 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 Annual Report on
Form 10-K for the year ended December 31,
2017 and Quarterly Report on Form 10-Q for the quarter ended
June 30, 2018 and subsequent
securities filings, could cause actual results to differ materially
from management expectations as suggested by such forward-looking
information: 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; current
and future litigation or regulatory investigations, proceedings, or
inquiries; legal proceedings and regulatory approvals and actions
related to the cancellation of Plant Vogtle Units 3 and 4,
including Georgia PSC approvals and U.S. Nuclear Regulatory
Commission actions; changes in Georgia Power's credit ratings; and the effect
of accounting pronouncements issued periodically by standard
setting bodies. Georgia Power expressly disclaims any obligation to
update any forward-looking information.
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SOURCE Georgia Power