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Credit agencies eyeing (nuclear) Plant Vogtle cost overruns
Credit agencies eyeing Plant Vogtle cost overruns
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By RAY HENRY
The Associated Press
ATLANTA — As the cost of building a new nuclear plant in Georgia rises, credit rating agencies are taking critical notice.
Four power utilities — Georgia Power, the Municipal Electric Authority of Georgia, Oglethorpe Power and the City of Dalton — are building a first-of-its-kind nuclear plant about 30 miles southeast of Augusta. That project was originally expected to cost roughly $14 billion, but it has fallen behind schedule by more than a year and is expected to exceed its budget.
The effort is managed by Southern Co. subsidiary Georgia Power, a large utility with a 46 percent stake in the new plant. In late February, Georgia Power told state regulators that its costs were expected to grow by roughly $737 million to about $6.85 billion. Other utilities have reported similar increases in spending roughly equivalent to their share in the project.
Few analysts are worried about the financial implications for Georgia Power, which has a big balance sheet. So far, elected utility regulators that oversee the monopoly have allowed it to pass along its costs to nearly 2.4 million customers...
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By RAY HENRY
The Associated Press
ATLANTA — As the cost of building a new nuclear plant in Georgia rises, credit rating agencies are taking critical notice.
Four power utilities — Georgia Power, the Municipal Electric Authority of Georgia, Oglethorpe Power and the City of Dalton — are building a first-of-its-kind nuclear plant about 30 miles southeast of Augusta. That project was originally expected to cost roughly $14 billion, but it has fallen behind schedule by more than a year and is expected to exceed its budget.
The effort is managed by Southern Co. subsidiary Georgia Power, a large utility with a 46 percent stake in the new plant. In late February, Georgia Power told state regulators that its costs were expected to grow by roughly $737 million to about $6.85 billion. Other utilities have reported similar increases in spending roughly equivalent to their share in the project.
Few analysts are worried about the financial implications for Georgia Power, which has a big balance sheet. So far, elected utility regulators that oversee the monopoly have allowed it to pass along its costs to nearly 2.4 million customers...
http://www.wsbtv.com/ap/ap/energy/credit-agencies-eyeing-plant-vogtle-cost-overruns/nXHpW/
