by Bobby Baker
The construction cost of Plant Vogtle Units 3 and 4 (“Project”) has increased from $14 billion to $15.6 billion and more cost increases are coming. Georgia Power Company (“Company” or “GPC”) filed its Eighth Semi-Annual Construction Monitoring Report (“8th CMR”) last week with the Georgia Public Service Commission (“PSC”), and there were several major disclosures buried in the report.
Tucked away in the 8th CMR were several significant facts that the Company didn’t emphasize. First, Georgia Power lowered by $1 billion its “value to customers” projection from its last report filed 6 months ago. Second, while the Company is asking the PSC to increase the certified capital cost of the Project by $381 million, its own numbers scattered throughout the 8th CMR, indicate their share of the total Project costs have increased by $737 million. Third, the Company recognizes the Project is 18 months behind schedule. Finally, what isn’t mentioned, but is very important, is any claim or assertion that module fabrication has begun again at the Project site. Ratepayers should be very concerned considering all of these factors.