TUCKER, Ga., Dec. 5, 2017 /PRNewswire/ -- Oglethorpe Power Corp. and the other Vogtle co-owners (Georgia Power, MEAG Power and Dalton Utilities) announced today that they have reached a new agreement with Toshiba, the parent company of the former primary Vogtle contractor Westinghouse, to receive all remaining scheduled payments from Toshiba in the amount of $3.2 billion by Dec. 15, 2017. Oglethorpe Power's proportionate share of the payment is $967.5 million. Oglethorpe Power has already received scheduled payments from Toshiba totaling $136.5 million.
The agreement will only become binding upon satisfaction of certain conditions including, but not limited to, approval by Toshiba's board of directors and the U.S. Department of Energy (DOE).
"This agreement is a very positive development that will provide a significant payment upfront to help cover our portion of the costs to complete Vogtle Units 3 and 4," said Oglethorpe Power President & CEO Mike Smith.
Oglethorpe Power owns 30 percent of the Vogtle Units 3 and 4 project.
ABOUT OGLETHORPE POWER
Oglethorpe Power is one of the nation's largest power supply cooperatives with more than $11 billion in assets serving 38 Electric Membership Corporations which, collectively, provide electricity to approximately 4.1 million Georgia residents.
Its diverse energy portfolio includes natural gas, hydroelectric, coal and nuclear generating plants with a combined capacity of approximately 7,800 megawatts.
Oglethorpe Power was established in 1974 and is owned by its 38 Member Systems. Its headquarters are in Tucker, Georgia, an Atlanta suburb.
SOURCE Oglethorpe Power Corporation