- Georgia Power’s announcement of a $1.1 billion increase in its nuclear construction project understates the full $2.4 billion increase, which will be picked up by all of the construction partners.
- One of the partners, MEAG Power, is facing a rebellion from JEA, a Florida utility contracted to buy its Plant Vogtle power.
- If MEAG Power votes “no”, Georgia Power faces expensive choices of either buying out MEAG’s share or canceling the project altogether. SO shareholders will bear the cost of either choice.
If you listened to Southern Company’s (SO) second quarter earnings call, the news about increased costs for Plant Vogtle Units 3 & 4 was disheartening but not unexpected. Since that call an unhappy Florida utility might be the straw that brings down the project.
Read the whole article: Seeking Alpha