Report: Lawmakers aim to save $800 million tax credit for Plant Vogtle


House lawmakers are pushing legislation that would save federal tax credits from expiring that are worth billions to the Plant Vogtle project and a similar plant in South Carolina, according to a published report.

The proposed legislation, which passed a House Ways and Means Committee vote last week, would extend the tax credit’s current 2021 deadline for the two nuclear projects to be completed, reported E&E News, a utility industry publication.

That extension could help preserve $800 million worth of tax credits that Georgia Power has been counting on to help lower the cost of the project to add two new nuclear reactors at Plant Vogtle near Augusta.

The South Carolina project’s tax incentives total more than $2 billion. That project is headed by SCANA Corp.

The proposed legislation could help clear the path to continue construction of the two half-built nuclear projects, which were thrown into upheaval by the March bankruptcy of their key contractor, Westinghouse Electric.

Earlier this month Georgia Power also reached agreements with Westinghouse and its parent company, Toshiba Corp., that helped preserve a guarantee worth billions of dollars to the project.

Georgia Power has been studying whether to go forward with the Vogtle project in the wake of Westinghouse’s bankruptcy, which it has acknowledged will lead to more delays beyond its earlier projections to finish by the end of 2020.

As it is, the Vogtle project is already over $3 billion over budget and more than three years behind its original schedule.



Reader Comments ...


Next Up in Business

He helps people secure their passwords with Keeper
He helps people secure their passwords with Keeper

CHICAGO — What’s it really like to work at Chicago startups and tech companies? Blue Sky’s Inside Job lets people on the ground tell us in their own words. Steven Bertrand, 32, User Experience/User Interface Interactive Designer, with a focus on Motion Design, for Keeper Keeper is the world’s leading password manager and secure...
10 household items rendered obsolete by your smartphone
10 household items rendered obsolete by your smartphone

The smartphone’s rise in prominence over the last decade has served as the death knell for many former household tech staples. In just 10 years, smartphones have become the Swiss Army knives of the tech world, being able to do so much more than simply making phone calls and sending text messages. Here are 10 items you’ll never need to buy...
Smart sweeper maps territory to clean
Smart sweeper maps territory to clean

Once you prepare your house for vacuuming, the only thing left to do to clean your floors and carpet is to press a button. From there, the Deebot R95 robotic vacuum cleaner takes over and does the work. I own one of the other robotic vacuums, and while it does a good job, it often gets hung up in areas such as high carpet, tangled with cords, or stuck...
How to brew like a barista at home, using the latest gear
How to brew like a barista at home, using the latest gear

In this age of high-end coffee, every trip to the café is a theater experience. We watch the barista measure out the coffee on a digital scale and check the temperature of the water. We stare as the rivulet of steaming water is then poured from the swan-necked kettle, evenly coating the ground beans in a ritual that ends with the perfect cup...
Mark Cuban invests in Factmata, a startup that fights fake news
Mark Cuban invests in Factmata, a startup that fights fake news

Billionaire tech entrepreneur and Dallas Mavs owner Mark Cuban is funding the fight against fake news. He’s invested in a British startup that’s using artificial intelligence to weed out inaccurate online stories, according to Business Insider. Cuban kicked in funding to a seed round for Factmata after getting a cold call from the company&rsquo...
More Stories