Georgia Power gets more time for Vogtle nuclear cost overrun talks



The Georgia Public Service Commission decided to give Georgia Power and its staff more time to reach a deal on how much customers will have to pay for about $1.7 billion in cost overruns at the Vogtle nuclear plant expansion near Augusta.

In a 5-0 vote, the commission Tuesday approved the Atlanta utility’s request to extend a deadline to Oct. 28 to give the company and PSC staff more time to negotiate. According to the PSC, Commissioner Stan Wise voted by teleconference, although his vote apparently was not announced at the meeting.

Several months ago, the Georgia Public Service Commission set a Wednesday deadline for Georgia Power and the state regulator’s staff to negotiate a tentative agreement behind closed doors on the cost overrun issue.

The PSC’s five-member board is expected to vote on whatever settlement is reached following public hearings on the deal.

KEMPNER: Will state regulators roll over for a tummy rub?

Georgia Power requested the extension on Monday.

“As the commissioners know, we have not finalized a settlement,” Georgia Power’s lawyers said in a letter to the PSC.

Former PSC commissioner Bobby Baker said the delay could be a sign that the PSC’s staff wants Georgia Power to absorb a bigger portion of the cost overruns than the company wants to accept.

“It could be that staff wants a higher number,” he said.

A Georgia Power spokesman said the PSC has been reviewing the project’s costs all along through “open and transparent” construction updates.

“We will not discuss ongoing negotiations, but will tell you that we believe all costs to date have been prudently spent and have been reviewed and approved unanimously by the PSC” at those construction monitoring hearings, said Georgia Power spokesman Jacob Hawkins.

Whatever deal is reached will squarely hit customers in their pocketbooks.

For years, customers have been paying surcharges on their bills — roughly $100 a year on average — to finance the construction of two additional reactors at the Vogtle nuclear complex.

The project is more than three years behind schedule and $3 billion over budget. After the PSC decides how much of Georgia Power’s share of those cost overruns — about $1.7 billion — are “prudent” and reasonable, customers’ bills will eventually go up to cover those additional costs.


Reader Comments


Next Up in Business

Grab This Once-A-Year Tax Break
Grab This Once-A-Year Tax Break
MoneyTipsFall is here, which means that it is time for the annual running of the workplace benefits gantlet.
Mortgage Market Could Evolve Fast Due To Regulatory Change
Mortgage Market Could Evolve Fast Due To Regulatory Change
MoneyTipsWith the election outcome now known and Donald Trump named as the next U.S. President, the mortgage sector is likely to see many changes in...
How Maintaining A Credit Card Balance Really Affects Your Credit Score
How Maintaining A Credit Card Balance Really Affects Your Credit Score
MoneyTipsCredit cards can empower people when used correctly, enabling consumers to access credit, ease cash flow problems, and make the most of the...
Today's Headlines: 5 Things You Should Do To Get Ready for Our New President
Today's Headlines: 5 Things You Should Do To Get Ready for Our New President
MoneyTipsPreparing for President Trump So much for polls. Donald J. Trump has conquered long odds and will soon become the 45th President of the...
529 Plan Mismatches
529 Plan Mismatches
MoneyTips529 plans are one of the best options available to save for your child's college education.
More Stories

You have reached your limit of free articles this month.

Enjoy unlimited access to myAJC.com.

Starting at just 99¢ for 8 weeks.

GREAT REASONS TO SUBSCRIBE TODAY!

  • IN-DEPTH REPORTING
  • INTERACTIVE STORYTELLING
  • NEW TOPICS & COVERAGE
  • ePAPER
X

You have read of free premium articles.

Get unlimited access to all of our breaking news, in-depth coverage and bonus content- exclusively for subscribers. Starting at just 99¢ for 8 weeks.

X

Welcome to myAJC.com

This subscriber-only site gives you exclusive access to breaking news, in-depth coverage, exclusive interactives and bonus content.

You can read free articles of your choice a month that are only available on myAJC.com.