Georgia Power has filed its latest Vogtle Construction Monitoring Report with the state's Public Service Commission, its 18th, noting that the publicly available report includes a revised projected rate impact on its customers that is lower than previous estimates. In addition, the report designates completion of the two Westinghouse designed AP1000 reactors, citing November 2021 as the completion date for Unit 3 followed by completion of Unit 4 a year later.
The company said the peak rate impact for customers would be a 9.8 percent rate hike on utility bills. However, more than half of that impact has already impacted their bills and the total is now “well below original projections of 12 percent, thanks to new federal tax laws,” the company noted.
Several major development have impacted the projects financial status, including the successful negotiation and received payment of $3.68 billion from Westinghouse's parent company Toshiba, the funds made available by the Westinghouse bankruptcy declaration of March 2017.
The impact of the new federal tax law amounts to a $139 million drop in the customer's obligations towards the construction project, savings that will be delivered beginning in April of this year through a reduction in the Nuclear Cost Recovery tariff.
An additional $188 million – a total of $75 each for individual customers – is available as a direct result of the Toshiba parent guarantee payments. Approximately $1 billion in benefits come from the extension of federal PTCs and $500 million is expected in customer savings due to U.S. Department of Energy loan guarantees that include $1.67 billion in new conditional commitments.
Tangible progress continues at the construction site, where 6,000 workers are building “the most important energy infrastructure project currently underway in Georgia,” the company said somewhat modestly, given they are the only two commercial nuclear power reactors under construction in the United States.
Recent progress includes the installation of key modules and components, including both steam generators and the pressurizer for Unit 3, and structural modules CAO2 and CAO3 for Unit 4.
Squib valves for both units, the passive residual heat removal heat exchanger for Unit 4 and reactor vessel internals for Unit 4 have all be delivered to the site. In addition, a “vast majority” of modules and equipment that will see the reactors through to completion are also on site, Georgia Power noted.
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