Vogtle Unit 4 Operation Delayed; Ratepayer Responsibility Capped 

Georgia Power announced on February 1, 2024, that Southern Nuclear Operating Company identified, and has remediated, vibrations associated with certain piping within the cooling system for Unit 4, similar to those experienced during pre-operational testing for Unit 3. Considering the remaining pre-operational testing to be completed, Georgia Power updated its projected start date to 2Q 2024. According to Georgia Power this extension will result in additional base capital costs of up to $15 million per month.  

Thanks to the settlement GAM helped negotiate these costs will be charged against the Company’s income and not included in customer base rates, as the settlement limits the capital cost recovery from ratepayers associated with the Vogtle project. In addition, the settlement provides that if commercial operation for Unit 4 is not achieved by March 31, 2024, Georgia Power’s return on equity used to determine its Nuclear Construction Cost Recovery tariff and allowance for funds used during construction will be reduced to zero, resulting in an estimated negative impact on the Company’s earnings of approximately $30 million per month until the month following the date when commercial operation for Unit 4 is achieved. 

In advance of the initial operation of Unit 4, GAM will distribute to each member served by Georgia Power an estimated impact of the value of GAM’s involvement in the negotiated Vogtle settlement approved by the Georgia Public Service Commission in December. The settlement ensured that significant Company expenditures associated with Vogtle – estimated prior to the announcement of this delay at $2.625 billion – will not be included in customer rates. 

GAM thanks its members for their continued support that ensures that Georgia manufacturers are represented in energy regulatory matters before the Commission.