Market Overview

Southern Company Subsidiary Receives Historic License Approval for New Vogtle Units, Full Construction Set to Begin

Construction is set to begin on the nation's first two new nuclear units in 30 years at Southern Company (NYSE: SO) subsidiary Georgia Power's Plant Vogtle, near Waynesboro, Ga.

The Nuclear Regulatory Commission voted today to approve the issuance of the Combined Construction and Operating License for Plant Vogtle units 3 and 4, the first such license ever approved for a U.S. nuclear plant. Receipt of the COL signifies that full construction can begin.

"This is a monumental accomplishment for Southern Company, Georgia Power, our partners and the nuclear industry," said Southern Company Chairman, President and CEO Thomas A. Fanning. "We are committed to bringing these units online to deliver clean, safe and reliable energy to our customers. The project is on track, and our targets related to cost and schedule are achievable."

The company expects to deliver to customers more than $1 billion in benefits from the Department of Energy loan guarantees, production tax credits and recovering financing costs during construction.

Posted-In: News Contracts

 

Related Articles (SO)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters

Benzinga Professional