ATLANTA, Feb. 26, 2016 /PRNewswire/ -- Georgia Power today filed its 14th Vogtle Construction Monitoring (VCM) Report with the Georgia Public Service Commission (PSC). The report highlights progress made at the site through the end of 2015, including $160 million invested by Georgia Power in the second half of 2015. The Georgia PSC has unanimously approved all costs submitted through the VCM process to date.
The Vogtle expansion is the largest construction project in Georgia with more than 5,000 workers onsite today and 800 permanent future jobs. When the new units join the existing two 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.
Recent progress at the expansion highlighted in today's report includes:
The projected overall peak rate impact of the Vogtle nuclear expansion continues to be significantly less than when the project was originally certified due to lower financing rates and other benefits the company has proactively pursued, and the fuel savings of nuclear. 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 dates of June 2019 for Unit 3 and June 2020 for Unit 4. Once the new units come online, they are expected to put downward pressure on rates and deliver long-term savings for Georgia customers.
Expanding Plant Vogtle is part of Georgia Power's long-term, strategic plan for providing safe, clean, reliable and affordable energy to meet the growing energy needs of Georgia. Nuclear power is an essential component of the company's diverse generation mix that also includes 21st century coal and natural gas, as well as renewables such as solar and wind.
To learn more about the progress at the Vogtle nuclear expansion site, and read the full 14th 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 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 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 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
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