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Plant Vogtle’s hidden costs: Ga Power’s unusually high ROE (10.5% vs 9.5% industry norm) was made by the Ga PSC and @timechols to cover the financial risks of Plant Vogtle from bond markets and Wall Street shareholders due to poor management and delays of the project.
Not only ROE but also the earnings band (250 basis points so really, a 12% ROE) and an unusually rich capital structure of 56% equity to 44% debt compared to industry norms of 51% equity to 49% debt that the GA PSC @timechols has been granting Ga Power since 2019.
Added together these three crazy high profits for Ga Power total $740 million in excess profits annually, since 2019. That money is coming from our bills. Each Georgia household is paying $278 extra annually for these votes and decisions by the commission.
