Plant Vogtle loan guarantee deadline extended until Jan. 31

gen_Southern-Co.-Plant-Vogtle

The deadline for talks to finalize a loan guarantee for two new nuclear builds at Plant Vogtle in Georgia has been extended until Jan. 31.

Georgia Power, majority owner of Plant Vogtle and a subsidiary of Southern Co. (NYSE: SO), said talks with the U.S. Department of Energy were prolonged again. The last deadline was Dec. 31. The DOE first offered the loan guarantees in 2010 for up to $8.3 billion to be split between three of the owners: Georgia Power, Oglethorpe Power and Municipal Electric Authority of Georgia (MEAG). The discussions remain confidential.

“We are encouraged by recent progress in our loan guarantee negotiations as we work with the Department of Energy to address a few remaining points, including the need for intergovernmental agency review and approval,” said Southern Co. spokesperson Tim Leljedal.

MEAG continues its talks with the DOE and plans to have its loan guarantee finalized six to nine months after Georgia Power and Oglethorpe. Jim Fuller, senior vice president and chief financial officer with MEAG, said the company had to complete a different process than the other companies, and had its conditional commitment extended to July 31, 2014.

“Given that MEAG Power financed a significant portion of its financing requirements ($2.6 billion) for the Vogtle expansion efforts in a public markets financing in 2010, the current timing of the loan guarantee process fits very well into our long-term financing plans for completion of MEAG Power’s capital requirements for this effort,” Fuller said. “We continue to work with the DOE on ongoing negotiations in an effort to reach a mutually beneficial agreement this year.”

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