Following the Georgia Public Service Commission’s decision to continue onward with the construction the two new nuclear units at Plant Vogtle, a major concern was the cost to current customers. Georgia Power came in with good news on that front this week, filing an update with the Nuclear Construction Cost Recovery (NCCR) indicating customers will pay $139 million less than originally expected for the construction.
The savings are thanks in large part to the receipt of the guarantee payments from Toshiba, the parent company of Westinghouse which went bankrupt last March, nearly torpedoing the project. In addition the company is looking into the recent changes in federal tax law that could result in further savings – a report based on those findings is expected to be filed with the PSC in February.
The PSC also recently approved $188 million, a total of $75 each for individual customers, in bill credits as a direct result of the Toshiba parent guarantee payments. Those credits will be distributed across three separate bills in 2018.
Combined these savings have Georgia Power well below initial projections in terms of cost to their customers, good news for the 2.5 million Georgians helping foot the bill for an expensive Plant Vogtle project that isn’t expected to start paying dividends in terms of savings until 2021 when the first nuclear unit comes online.