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.”

Subscribe to Nuclear Power International magazine

Sponsored by FLSmidth
Recommend this article Recommend this article () You recommended this article You recommended this article ()
Follow Power Engineering on Twitter

Products Showcase

Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Latest News

Shutterstock coal production trucks

Weekly Coal Production

The Weekly Coal Production shows how much coal is being produced across the U.S.

Federal Reserve Bank of Dallas Weekly Economic Indicators financial business

The Federal Reserve Bank of Dallas' Economic Indicators

The Federal Reserve Bank of Dallas offers a glimpse into how the markets are doing domestical...

Kvaerner awarded contract for gas-fired power plant in Delaware

Kvaerner North American Construction Inc. and its joint venture partner, Parsons Brinckerhoff...

Canadian Solar purchases two solar projects

Canadian Solar Inc. has acquired a majority interest in two utility-scale solar power project...

Operators Restart Unit 2 at PPL Susquehanna

Unit 2 at the PPL Susquehanna nuclear power plant near Berwick, Pa. resumed generating electr...

Settlement agreement limits cost recovery at Edwardsport

The Indiana Utility Regulatory Commission (IURC) on Dec. 27 modified and approved a settlemen...

Toshiba in talks to sell portion of Westinghouse nuclear unit

Toshiba Corp is in talks  to sell up to 16% of its stake in the Westinghouse Electric Co...

Utah nixes nuclear waste storage facility

Plans to park radioactive waste at a storage facility in Utah have been officially called off.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013

Power Engineering Current Issue

03/01/2014
Volume 118, Issue 3
1403PE-cover

Buyers Guide Product Listings

Nondestructive Examination and Testing

Advanced nondestructive examination, NDE, techn...

Engineering Services

Structural Integrity Associates, Inc. (SI) is a...

Buyers Guide Company Listings

SPSI

SPSI is a privately held fabricator of high quality process, power and nuclear piping systems used primarily in the domestic and international power generation and petrochemical industries.

URS

URS plans, designs, engineers, constructs, retrofits, and maintains power plants and the systems that transmit and distribute electricity. Our expertise encompasses fossil fuel, nuclear, and hydroelectric power generating facilities, as well as alternative and renewable energy sources. We develop and install clean air technologies and perform major nuclear component

Serdula Systems Ltd

Provides consulting services from R&D, engineering, operations, and assessments to bid evaluation and feasibility studies to national and international organizations in the nuclear power industry.

The Merrick Group Inc

More than 20 years experience in the high-pressure water jetting industry. Our specialists offer vast experience and unparalleled expertise in industrial, nuclear plant cleaning maintenance.

Power Industry Wire News

Vantage Drilling Company Schedules Third Quarter 2014 Earnings Release Date and Conference Call

Vantage Drilling Company Schedules Third Quarter 2014 Earnings Release Date and Confere...

Blue Earth CEO Response to False Statements and Allegations Made by the Pump Stopper in Seeking Alpha

Blue Earth CEO Response to False Statements and Allegations Made by the Pump Stopper in...

UL Workplace Health & Safety Donates Online Training Courses to Healthcare Organizations

UL Workplace Health & Safety Donates Online Training Courses to Healthcare Organizations

Cyclone Power Technologies Receives $175,000 License Fee From Its Waste-Heat-to-Power Licensee

Cyclone Power Technologies Receives $175,000 License Fee From Its Waste-Heat-to-Power L...

Schneider Electric Named a "Visionary" in Gartner Magic Quadrant Report Analyzing GIS Providers for Utilities

Schneider Electric Named a "Visionary" in Gartner Magic Quadrant Report Analyzing GIS P...

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>