Ballooning cost overruns and construction delays at Georgia Power Co.’s Vogtle nuclear project threaten to cost the state’s electricity consumers billions of dollars in the decades to come, a new think tank report concludes.
The report, from the Institute for Energy Economics and Financial Analysis, a nonprofit advancing a sustainable energy economy, builds a case that stockholders of the company should take the lead on construction and carry much of the financial load, rather than ratepayers.
Once estimated to cost $14 billion, the price tag for two new reactors at Georgia Power’s Plant Vogtle property has climbed past $30 billion, and both units will be more than six years late in coming online, the institute reported after combing through public records including testimony at a Georgia Public Service Commission hearing in December. The plant already has two existing nuclear power units that began producing electricity in the 1980s.
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