There has been an ongoing dispute between Southern Co./Georgia Power and the publc power utilities over who pays for #Vogtle's costs going forward. Southern and MEAG (municipalities) have reached a settlement in that dispute -- SEC filing is here: d18rn0p25nwr6d.cloudfront.net/CIK-0000092122…
I've barely read this filing, so you all can analyze on your own
Catch up here:
subscriber.politicopro.com/article/eenews…
and here:
subscriber.politicopro.com/article/eenews…
subscriber.politicopro.com/article/eenews…
and here:
subscriber.politicopro.com/article/eenews…
the origins of this dispute go back to 2018, when #Vogtle's costs jumped another $2 billion one year after Southern's nuclear unit and Georgia Power took over as the project's main contractor after Westinghouse went bankrupt.
one of the developers - Oglethorpe Power Corp. - grew frustrated with #Vogtle's rising costs, arguing that Southern has the option of having its shareholders absorb those increases whereas the public power utilities do not
after days of negotiating and the project on the brink of collapse without all of the owners fully financially committed, the electric cos. drew up a new ownership agreement on how to handle costs going forward
the ownership agreement has a range of options for each of the electric utilities - including Georgia Power -- should costs reach a certain point.
And, broadly, there's a dispute over whether that point had been reached, with some covid-related costs playing a role
And, broadly, there's a dispute over whether that point had been reached, with some covid-related costs playing a role
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