Feds Extend Deadline for Vogtle Loan Guarantee
Federal officials and Southern Company subsidiary Georgia Power remain at odds over a potential $8 billion loan to help expand the Plant Vogtle nuclear plant near Augusta.
Millions are at stake for the company’s ratepayers, who are already helping pay for the project.
For the third time, federal officials have extended the deadline to reach a deal on the loan terms. The new date is set for the end of September.
Company officials say they are committed to getting the best possible deal for customers and are “cautiously optimistic” a deal will be struck.
But in a previous interview with WABE, project manager Buzz Miller said if a deal can’t be struck, it’s not the end of the world.
“If we can get loan guarantees and save money for customers, which is what would happen, we’ll do that. They’re not necessary for us to do this plant,” said Miller.
He said the company has so far done fine with private financing.
“Southern is an A-credit rated company. We’re one of like two utilities that maintain that credit record. We’re borrowing money the cheapest we’ve ever borrowed it right now.”
The original price tag for the project was $14 billion. Due to administrative and construction issues, costs have ballooned by about a billion dollars, with another billion tied up in litigation.
Later this month, the state will hold hearings about whether ratepayers should absorb some of those costs.
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