Ga. nuke plant costs forecast to top $30B

ATLANTA – A nuclear power plant being built in Georgia is now projected to cost its owners more than $30 billion.

A financial report from one of the owners on Friday clearly pushed the cost of Plant Vogtle near Augusta past that milestone, bringing its total cost to $30.34 billion

That amount doesn't count the $3.68 billion that original contractor Westinghouse paid to the owners after going bankrupt, which would bring total spending to more than $34 billion.

Vogtle is the only nuclear plant under construction in the United States, and its costs could deter other utilities from building such plants, even though they generate electricity without releasing climate-changing carbon emissions.

The latest increase in the budget, by the Municipal Electric Authority of Georgia, wasn't a surprise after lead owner Georgia Power Co. announced delays and $920 million in overruns on March 3. Georgia Power's costs only cover the 45.7% of the plant it owns, meaning that the cooperatives and municipal utilities that own the majority of the two-reactor project later update their financial projections as well.

MEAG, which owns 22.7% of Vogtle and provides power to city-owned utilities, raised its total cost forecast, including capital spending and borrowing costs, to $7.8 billion from the previous level of $7.5 billion.

Oglethorpe Power Corp., which provides power to 38 cooperatives in Georgia, owns 30% of Vogtle. In March, it bumped up its cost projects by $250 million to $8.5 billion.

When approved in 2012, the third and fourth reactors were estimated to cost $14 billion, with the first electricity being generated in 2016. Now the third reactor is set to begin operation in March 2023, and the fourth is to begin operation in December 2023.