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US funds nuclear reactors

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Atlanta-based Southern Company has confirmed that its Georgia Power subsidiary has been offered a conditional commitment for loan guarantees from the US Department of Energy (DOE) to construct two new nuclear power units - the first in the US for more than 30 years.

The new units will be located at Plant Vogtle near Waynesboro, Georgia, where the company already owns and operates two nuclear units. The loan guarantees would apply to future borrowings related to the construction of Vogtle units 3 and 4.

The addition of units 3 and 4 is expected to produce approximately 3,500 jobs during construction and an additional 800 permanent jobs once the units begin operation.

Georgia Power has 90 days to accept the conditional commitment, including obtaining any necessary regulatory approvals. The company received an early site permit from the Nuclear Regulatory Commission (NRC) for the two additional units in 2009, and preliminary site work has begun.

Along with Georgia Power’s portion of the two 1,100MW reactors, the remaining ownership is split among Oglethorpe Power Corporation, the Municipal Electric Authority of Georgia (MEAG Power) and Dalton Utilities.

Total cost of the new units is currently projected to be approximately $14bn (£8.9bn). Georgia Power’s share is currently projected at approximately $6.1bn, which includes approximately $1.7bn of financing costs to be collected during construction.

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