ATLANTA, Feb. 18, 2016 /PRNewswire/ -- Georgia Power announced today that the Georgia Public Service Commission (PSC) has verified and approved $148 million in costs submitted by the company through the 13th Vogtle Construction Monitoring (VCM) Report. The report details progress and investments made by Georgia Power for the Vogtle nuclear expansion from January 1 through June 30, 2015. To date, the Georgia PSC has unanimously reviewed and approved $3.1 billion invested by the company through the rigorous and transparent VCM process.
The projected overall peak rate impact of the Vogtle nuclear expansion is significantly less than when the project was originally certified due to financing and other benefits that we have 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.
The VCM process, recurring every six months, provides the members of the Georgia PSC, Georgia Power and various other organizations and individuals, the opportunity to review and discuss the progress of the first new nuclear units to be built in the United States in more than three decades. Completing the Vogtle expansion remains the best cost option for Georgia electric customers and, with an operating lifetime of more than 60 years, the new units will ensure that the state's electrical infrastructure is prepared to meet increased demand tied to anticipated economic growth.
Progress Continues
Now more than 60 percent complete based on contractual milestones, progress continues across the Vogtle site. Significant progress over the past 30 days includes the placement of approximately 750 cubic yards of concrete through a 10 hour continuous pour within the Unit 3 containment area, the installation of eight new shield building panels for Unit 3; installation of four feedwater heaters in the Unit 3 turbine building; the completion of welding of the Unit 4 Condenser B upper shell to the lower shell; and installation of new structural steel within the Unit 4 turbine island.
What Vogtle Means to Georgia
The expansion at Plant Vogtle is part of Georgia Power's long-term, strategic plan for providing safe, clean, reliable and affordable energy for Georgians. Once units 3 and 4 join the existing two Vogtle 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. Southern Nuclear is overseeing construction and will operate the new units on behalf of Georgia Power, which owns 45.7 percent of the facility, and co-owners Oglethorpe Power Corporation, the Municipal Electric Authority of Georgia and Dalton Utilities.
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 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