Skip to content
August 7, 2025
  • Facebook
  • Twitter
  • Instagram
  • Youtube
  • tiktok
MILLENNIUM NEWS 24/7

MILLENNIUM NEWS 24/7

Bridging The Community’s World Wide

  • Home
  • IP TV LIVE
  • PODCAST
  • U.S.News
  • LOCAL ELECTION
  • State News
    • Alabama
    • Alaska
    • Arizona
    • Arkansas
    • California
    • Colorado
    • Connecticut
    • Delaware
    • Florida
    • Georgia
    • Hawaii
    • Idaho
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Louisiana
    • Maryland
    • Massachusetts
    • Michigan
    • Maine
    • Minnesota
    • Mississippi
    • Missouri
    • Montana
    • Nebraska
    • Nevada
    • New Hampshire
    • New Jersey
    • New Mexico
    • New York
    • North Carolina
    • North Dakota
    • Oregon
    • Pennsylvania
    • Rhode Island
    • South Carolina
    • South Dakota
    • Tennessee
    • Texas
    • Virginia
    • Washington
    • West Virginia
    • U.S. Virgin Islands
  • Politics
  • World News
  • Sports
  • Entertainment
  • Weather
  • Business
  • Health News
  • ADVERTISEMENT
  • About Us
  • Contact us
Live TV

Georgia Power will pay $413 million to settle lawsuit over nuclear reactor cost overruns

Georgia Power Co. will pay $413 million to settle a lawsuit accusing the utility of reneging on financial promises to one of its nuclear reactor partners.

The payments to Oglethorpe Power Corp., announced Friday, could hold down future bills for millions of electric cooperative customers in Georgia.

Oglethorpe sued Georgia Power in June 2022 in a contract dispute over who should pay for cost overruns for a third and fourth reactor at Plant Vogtle, southeast of Augusta.

Atlanta based Southern Co., which owns Georgia Power, said it would write off a $152 million loss on the settlement.

Georgia Power also announced Friday that it must replace one of the four massive pumps that cools the Unit 4 reactor after operators found a problem with the pump’s motor during testing. Georgia Power said it believes the problem is an “isolated event” and has a spare pump on site, but said the replacement ends the company’s hope of placing Unit 4 in commercial operation this year. The utility said the reactor is still on schedule to begin operating by March. That was already the company’s fallback date.

Unit 3 entered commercial operation on July 31, becoming the first new nuclear unit built from scratch in the United States in decades.

Some Florida and Alabama utilities have also contracted to buy Vogtle’s power.

The overall project is seven years late and $17 billion over budget. Vogtle’s costs and delays could deter other utilities from building nuclear plants, even though they generate electricity without releasing climate-changing carbon emissions.

Oglethorpe, which generates and transmits electricity to 38 Georgia electric cooperatives that own it, will keep its current 30% ownership share of Vogtle under the settlement. Oglethorpe had originally sought to sell some of Vogtle’s generating capacity back to Georgia Power.

Heather Teilhet, Oglethorpe’s senior vice president of external affairs, said Oglethorpe wants to keep its 660-megawatt share of Vogtle’s generation to meet increasing demand.

“We are seeing growth on our system, so there’s great value in keeping our full Vogtle capacity, especially at a significantly reduced cost,” Teilhet said in a statement.

Currently, all the owners are projected to pay more than $31 billion in capital and financing costs, Associated Press calculations show. Add in $3.7 billion that original contractor Westinghouse paid to the Vogtle owners to quit building the reactors, and the total nears $35 billion.

Besides Oglethorpe and Georgia Power, Vogtle’s owners include the Municipal Electric Authority of Georgia and the city of Dalton. MEAG and Dalton also sued. Georgia Power agreed last year to pay up to $76 million to settle the lawsuit by MEAG, which provides power to 49 municipal utilities. The Dalton lawsuit is still pending, and Georgia Power said Friday that it could owe the city up to $17 million.

Georgia Power customers won’t pay for the settlements. Georgia Power has already reached a deal with regulatory staff about how much it will charge customers for Vogtle, although the elected Georgia Public Service Commission has yet to approve.

Georgia Power had agreed in 2018 that it would pay increasing shares of cost overruns for co-owners up to a certain ceiling. Beyond that, the co-owners were entitled to force Georgia Power to buy part of their ownership stake in exchange for Georgia Power covering all remaining construction costs.

Oglethorpe sought to activate the sale provision, saying it applied once construction costs reached a total of $19.2 billion. But Georgia Power argued the agreement didn’t kick in until construction costs reached $20.48 billion.

Under the agreement, Georgia Power agreed to pay Oglethorpe the $99 million Oglethorpe was owed under the cost-sharing ceiling, as well as $5 million in interest. Georgia Power has already paid part of that money and will pay the remaining $66.5 million within five days.

Georgia Power also agreed to pay 66% of Oglethorpe’s costs above the $19.2 billion level, a total of $346.3 million under projected spending levels. That includes a $241.2 million payment within five days. In exchange for keeping its 30% ownership stake, Oglethorpe is projected to pay another $179 million by the time Unit 4 is completed.

Oglethorpe’s total construction and financing cost for Vogtle is now projected to be $8.3 billion. That’s more than the $8.1 billion Oglethorpe projected it would owe, but less than the $8.64 billion that Georgia Power said Oglethorpe owed.

 

 

About Author

dreamboy

See author's posts

Continue Reading

Previous: Data breach at MGM Resorts expected to cost casino giant $100 million
Next: Maxwell is readying an album with teenage-era songs but first ‘NIGHT’ must fall

Related Stories

Father, daughter attacked at White County campground, 4 people arrested

Father, daughter attacked at White County campground, 4 people arrested

Profits drop at Warren Buffett’s Berkshire Hathaway as it writes down its Kraft Heinz investment

Profits drop at Warren Buffett’s Berkshire Hathaway as it writes down its Kraft Heinz investment

What consumers can expect from import taxes as the US sets new tariff rates

What consumers can expect from import taxes as the US sets new tariff rates

Entertainment

Britain’s Royal Mail celebrates Monty Python with stamps featuring iconic sketches and characters 1

Britain’s Royal Mail celebrates Monty Python with stamps featuring iconic sketches and characters

Emmylou Harris and Brad Paisley are headed for Nashville Songwriters Hall of Fame 2

Emmylou Harris and Brad Paisley are headed for Nashville Songwriters Hall of Fame

Eddie Palmieri, pioneering Latin jazz musician and Grammy winner, dies at 88 3

Eddie Palmieri, pioneering Latin jazz musician and Grammy winner, dies at 88

Lady Gaga leads 2025 MTV Video Music Awards nominations, followed by Bruno Mars and Kendrick Lamar 4

Lady Gaga leads 2025 MTV Video Music Awards nominations, followed by Bruno Mars and Kendrick Lamar

Ozzy Osbourne died of a heart attack, report says, citing death certificate 5

Ozzy Osbourne died of a heart attack, report says, citing death certificate

Flaco Jimenez, Texas accordionist who expanded popularity of conjunto and Tejano music, dies at 86 6

Flaco Jimenez, Texas accordionist who expanded popularity of conjunto and Tejano music, dies at 86

Jeannie Seely, soulful country singer behind hits like ‘Don’t Touch Me,’ dies at 85 7

Jeannie Seely, soulful country singer behind hits like ‘Don’t Touch Me,’ dies at 85

Top News

Indian authorities in Kashmir ban books by eminent writers and scholars

Indian authorities in Kashmir ban books by eminent writers and scholars

Netanyahu to seek approval for expanded Gaza offensive as 37 Palestinians are killed

Netanyahu to seek approval for expanded Gaza offensive as 37 Palestinians are killed

Putin says he hopes to meet with Trump as the White House presses for a Ukraine peace deal

Putin says he hopes to meet with Trump as the White House presses for a Ukraine peace deal

Haiti prepares for new leadership as gunfire erupts and gangs threaten to overthrow government

Haiti prepares for new leadership as gunfire erupts and gangs threaten to overthrow government

  • Home
  • About Us
  • Facebook
  • Twitter
  • Instagram
  • Youtube
  • tiktok
Editor: Nur M Tofader, Home Office: 250 Park Avenue, 7th Floor, New York, NY 10177 Tell: 718 893 0002 (Office), 7188441300, +1212 401 6266, e-mail: Info@millenniuamtv24.com, e-mail: Info@millenniuamnews24.com, Copyright © Millennium News 24/7 | DarkNews by AF themes.