Georgia Power: Gov’t loans save $250mn in costs for Plant Vogtle

Georgia Power said the loans from the U.S. government could save $250 million in costs over the life of the loans.

The savings are an estimate, but the utility said it would save that amount if the costs were paid as a lump sum in 2018, according to The Associated Press. Private lenders would lively have charged more for the loans because they see nuclear plants as more of a financial risk, compared to the government.

The U.S. Department of Energy, Georgia Power and plant co-owner Oglethorpe Power finalized a $6.5 billion loan in February to build two, 1,100-MW reactors at Plant Vogtle in Georgia. The third owner of the plant, Municipal Electric Authority of Georgia, will finalize its $1.8 billion loan guarantee separately.

Units 3 and 4 are expected to reach commercial operation by 2017 and 2018, respectively.

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