by Axios | 9.25.18
A troubled, over-budget project to build two new nuclear reactors in Georgia is still alive after a high-stakes vote by co-owners yesterday — but maybe for not much longer.
What to watch: The parties have set a deadline of 5 p.m. today to try and hash out a deal.
Why it matters: It's the only commercial reactor project currently under construction in the country, and as we noted yesterday, its demise would be a further blow to the industry that has seen its hopes for a U.S. renaissance fade.
Where it stands: Last night Oglethorpe Power announced a "conditional vote" to move forward with ongoing construction of the Southern Company-led expansion of the Vogtle site.
Yes, but: Oglethorpe, which has a 30% stake in the project, is demanding steps to limit its exposure to future cost overruns, per their statement.
The intrigue: Oglethorpe CEO Mike Smith says in their statement, "Southern Company should be willing to bear further risk of [Southern Nuclear Corp.'s] missed budgets, not our members."
But close to midnight yesterday, Southern subsidiary Georgia Power, which has a nearly 46% share of the project, balked at Oglethorpe's demands. Oglethorpe has "demanded concessions to avoid obligations that it undertook when it became an owner of the project," the company said in a separate statement.
Photo: Pallava Bagla/Corbis via Getty Images
Written by Axios
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