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CB&I: We’re not liable for $247mn nuclear power project penalties

Caption: Southern Co.’s Plant Vogtle nuclear power plant

Chicago Bridge & Iron (CB&I, NYSE: CBI) say they should not be liable for any of the $247 million in penalties that are due for delays at the Plant Vogtle nuclear project in Georgia.
CB&I said in the Charlotte Business Journal that there was no determination that neither CB&I nor consortium partner Westinghouse Electric were responsible for the 18-month delay that is expected to add up to $720 million in additional costs. Southern Co. (NYSE: SO) CEO Tom Fanning was quoted in Bloomberg earlier this month as saying CB&I would be responsible for the penalties, not the utility. The three companies are currently in court battling over who will pay for previous cost overruns for the two Westinghouse AP1000 reactors at Plant Vogtle and two at the V.C. Summer nuclear plant in South Carolina, which faces similar overruns.
The price tag for the Plant Vogtle expansion project is now $14.5 billion. The reactors are set for completion in 2019 and 2020.
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