Georgia Power Co. will pay $413 million to settle a lawsuit accusing the utility of reneging on financial promises to one of its nuclear reactor partners. The payments to Oglethorpe Power Corp. were announced Friday. They could hold down future bills for millions of electric cooperative customers in Georgia. Oglethorpe sued Georgia Power in June 2022 in a contract dispute over who should pay for cost overruns at Plant Vogtle. Atlanta based Southern Co. owns Georgia Power and will write off a $152 million loss. Georgia Power also now says that it must replace one of the pumps that cools Vogtle's Unit 4 reactor after operators found a problem with the pump’s motor.
The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.FILE - The cooling towers of the still under construction Plant Vogtle nuclear energy facility in Waynesboro, Ga., Friday, March 22, 2019.
Unit 3 entered commercial operation on July 31, becoming the first new nuclear unit built from scratch in the United States in decades.over budget. Vogtle’s costs and delays could deter other utilities from building nuclear plants, even though they generate electricity without releasing climate-changing carbon emissions.
“We are seeing growth on our system, so there’s great value in keeping our full Vogtle capacity, especially at a significantly reduced cost,” Teilhet said in a statement. Oglethorpe sought to activate the sale provision, saying it applied once construction costs reached a total of $19.2 billion. But Georgia Power argued the agreement didn’t kick in until construction costs reached $20.48 billion.
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