"Vogtle Nuclear Project To Take Longer, Cost More"

"Georgia Power’s Plant Vogtle nuclear expansion project will take about 19 months longer to complete than originally expected and cost about $740 million more than originally thought, the company said Thursday."

"Georgia Power said its share of the estimated $14 billion project will rise to $6.85 billion, up from $6.11 billion, because of increased capital costs and additional financing costs. Customers, who have been paying the financing costs since 2011, now will pay them for a longer period of time.

Customers started paying Vogtle’s financing costs as part of a controversial nuclear fee approved by state lawmakers. The fee started at $3.88 in 2011, then rose to $4.26 the following year. Now, the fee has increased to $5.11 and will continue to climb each year until the reactors start producing electricity, which is now scheduled for the end of 2017 and 2018. At that point, the financing costs will be replaced by operating and capital, or construction, costs.

'It’s clear that some real damage could be done on the pocketbooks of ratepayers,' said Elena Parent, executive director of Georgia Watch, a consumer rights group."

Kristi Swartz reports for the Atlanta Journal-Constitution February 28, 2013.

SEE ALSO:

"Watchdogs Dig Up Troubling Questions About Federal Loan Guarantees for Southern Co. Nuclear Reactors" (Facing South)

"Southern Exec Expects Loan Guarantee For New Vogtle Reactors By Mid Year" (Nuclear Street)

"Lawmaker: Bar Ga. Power From Profit on Overruns" (Atlanta Journal-Constitution)

"Obama Unveils Loan Guarantees for Nuclear Plant" (Wall St. Journal: 2/16/10)

"Did a Contribution to Obama’s Inaugural Win a Crucial Nuclear Loan Guarantee?" (Nation)

"Energy Dept. Nears Approval of $8.3B Nuke Loan, Setting Up Clash in Congress" (E2 Wire/The Hill: 2/13/12)

Source: Atlanta Journal-Constitution, 03/01/2013