Latest VCM Report illustrates continued progress, improved productivity and lower projected rate impact for customers
ATLANTA, March 29, 2018 /PRNewswire/ — Georgia Power announced today the placement of the nuclear reactor vessel inside Unit 4 containment at the Vogtle nuclear expansion project near Waynesboro, Georgia. Standing 35 feet tall, the reactor vessel functions as a heat source from the nuclear fission process to produce steam that will generate electricity for homes and businesses throughout Georgia. View a time-lapse video of the placement below, which took approximately six hours.
The Vogtle nuclear expansion is being completed using components and materials from across the United States, as well as being delivered via an international supply chain. The 306-ton reactor vessel was fabricated by Doosan Heavy Industries in South Korea, shipped through the Port of Savannah and arrived at the construction site via train on a specialized rail car.
The placement of the reactor vessel is the latest milestone accomplished at the Vogtle site. Earlier this month, Georgia Power announced the placement of 2,400 cubic yards of concrete for the Unit 4 “turbine tabletop.” The company also recently filed the 18th Vogtle Construction Monitoring (VCM) Report with the Georgia Public Service Commission (PSC) highlighting additional progress at the site through the end of 2017. The report also noted improved productivity with direct construction work tracking ahead of the plan to achieve the target in-service dates of November 2021 (Unit 3) and November 2022 (Unit 4).
In addition to the time-lapse video of the reactor vessel placement, Georgia Power has released a new aerial video of the Vogtle expansion site. The video, available below, provides a bird’s-eye view inside the nuclear containment areas of Units 3 and 4, as well as the turbine buildings where electricity will be generated. To follow the progress with new photos every month, visit the Plant Vogtle 3 & 4 Online Photo Gallery.
Savings & Benefits for Customers
From the beginning of the Vogtle expansion, Georgia Power has worked with the Georgia PSC to pursue all available benefits for customers and minimize the impact of the new units on electric bills. The 18th VCM Report also noted a revised, lower projected rate impact for customers of 9.8 percent with more than half of this impact already in place on bills. This projected rate impact is well below original projections of approximately 12 percent thanks to new federal tax laws, anticipated customer benefits from federal production tax credits, interest savings from loan guarantees from the U.S. Department of Energy (DOE), and the fuel savings of nuclear energy.
In January, Georgia Power announced that customers would pay $139 million less than expected in 2018 for the Vogtle nuclear expansion due to changes in federal tax laws and full receipt of the Toshiba parent guarantee payments. Beginning in April, the typical residential customer using 1,000 kilowatt-hours per month will pay $1 less per month in 2018 for financing costs for the Vogtle project. Additionally, Georgia Power bill credits totaling $188 million were approved by the Georgia PSC as part of its order to continue construction of Vogtle 3 & 4 as a direct result of the Toshiba parent guarantee payments. The credits, amounting to $75 per individual customer, will be distributed across three separate Georgia Power bills in 2018.
Click here to read more about the latest savings and benefits announced for Georgia Power customers.
About Georgia Power
Georgia Power is the largest electric subsidiary of Southern Company (NYSE: SO), America’s premier energy company. 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, 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), Twitter (Twitter.com/GeorgiaPower) and Instagram (Instagram.com/ga_power).
Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this communication 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 in-service dates for Plant Vogtle Units 3 and 4, expected customer rate impacts, expected cost savings and customer benefits and other future actions related to Plant Vogtle Units 3 and 4. 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 year ended December 31, 2017, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the impact of any failure to amend the DOE loan guarantee to allow for additional borrowings; state and federal rate regulations and the impact of pending and future rate cases and negotiations; the impact of recent and future federal and state regulatory changes, as well as changes in application of existing laws and regulations; the uncertainty surrounding the recently enacted federal tax reform legislation, including implementing regulations and Internal Revenue Service interpretations, actions that may be taken in response by regulatory authorities, and its impact, if any, on the credit ratings of Georgia Power; current and future litigation or regulatory investigations, proceedings, or inquiries; available sources and costs of fuels; effects of inflation; the ability to control costs and avoid cost overruns during the development construction and operation of facilities, which include the development and construction of generating facilities with designs that have not been previously constructed; 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 NRC actions; interest rate fluctuations and financial market conditions and the results of financing efforts; changes in The Southern Company’s or Georgia Power’s credit ratings, including impacts on interest rates, access to capital markets, and collateral requirements; the impacts of any sovereign financial issues, including impacts on interest rates, access to capital markets, impacts on foreign currency exchange rates, counterparty performance, and the economy in general, as well as potential impacts on the benefits of DOE loan guarantees; and the effect of accounting pronouncements issued periodically by standard setting bodies. Georgia Power expressly disclaims any obligation to update any forward-looking information.