“Georgia Power’s Plant Vogtle is seen as the first example in the country’s ‘Nuclear Renaissance’. The technology indeed employs new simpler, safer, and more efficient designs than the last round of nuclear plants. However, there is nothing new about the crony politics and financial shenanigans surrounding the project.”
Georgia Power, a subsidiary of the mighty Southern Company, is pressing ahead with development of a two-unit, 2,240 Megawatt (MW) nuclear plant, Plant Vogtle. With a pending $8.6 billion federal loan guarantee, a cap on liability, production tax credits and pre-collection of profits this makes Georgia Power the nation’s biggest welfare queen.
And the predictable bad news is already coming in. Recent news reports state that Vogtle may be nearly $1 billion above budget. Bad for electricity users and taxpayers; good for utility stockholders given that the extra rate base receives a guaranteed rate of return.…