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SOUTHERN CO (SO)
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Georgia Power : finalizes new service agreement for Vogtle nuclear expansion

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07/28/2017 | 02:57pm CEST

ATLANTA, July 28, 2017 /PRNewswire/ -- Georgia Power has finalized a new service agreement with Westinghouse for the Vogtle nuclear expansion - the first new nuclear units to be built in the United States in more than 30 years. Previously, Westinghouse, the developer of the AP1000 nuclear technology being used by the new units, served as the primary contractor with oversight and responsibility for all construction activities. Under the new service agreement, approved by the U.S. Department of Energy on July 27, Southern Nuclear (the Southern Company subsidiary which operates the existing units at Plant Vogtle) will oversee construction activities at the site.

"We are already in the midst of a seamless transition for the thousands of workers across the site, allowing us to sustain the progress we are making every day on both units," said Mark Rauckhorst, executive vice president for the Vogtle 3 and 4 project. "We remain focused on safety and quality as we complete this transition."

The scope of the service agreement includes engineering, procurement and licensing support from Westinghouse, as well as access to Westinghouse intellectual property needed for the project. Under the new structure, hundreds of Georgia Power and Southern Nuclear employees, many who are already aligned with the project, will assume clearly defined project management roles.

Georgia Power also continues work with the project's Co-owners (Oglethorpe Power, MEAG Power and Dalton Utilities) to complete a full-scale schedule and cost-to-complete analysis of the project. Once complete, Georgia Power will work with the Georgia Public Service Commission to determine the best path forward for customers.

Following the Westinghouse bankruptcy filing on March 29, construction momentum has continued uninterrupted. Over the last 30 days alone, progress includes new concrete placement within the Unit 3 shield building and nuclear island, placement of structural steel for the Unit 4 annex building and the first of four 85,000 pound accumulator tanks for the new units within the Unit 3 containment vessel. View the latest photos of progress at the construction site in the Plant Vogtle 3 & 4 Online Photo Gallery.

About Georgia Power
Georgia Power is the largest electric subsidiary of Southern Company (NYSE: SO), America's premier energy company. Value, Reliability, Customer Service and Stewardship are the cornerstones of the company's promise to 2.5 million customers in all but four of Georgia's 159 counties. Committed to delivering clean, safe, reliable and affordable energy at rates below the national average, Georgia Power maintains a diverse, innovative generation mix that includes nuclear, coal and natural gas, as well as renewables such as solar, hydroelectric and wind. Georgia Power focuses on delivering world-class service to its customers every day and the company is consistently recognized by J.D. Power and Associates as an industry leader in customer satisfaction. For more information, visit www.GeorgiaPower.com and connect with the company on Facebook (Facebook.com/GeorgiaPower), Twitter (Twitter.com/GeorgiaPower) and Instagram (Instagram.com/ga_power).

Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this communication is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning future actions related to Plant Vogtle Units 3 and 4. Georgia Power cautions that there are certain factors that could cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Georgia Power; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Georgia Power's Annual Report on Form 10-K for the year ended December 31, 2016, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the results of Westinghouse's bankruptcy filing and the impact of any inability or other failure of Toshiba to perform its obligations under its guarantee, including any effect on the construction of Plant Vogtle Units 3 and 4; state and federal rate regulations and the impact of pending and future rate cases and negotiations; the impact of recent and future federal and state regulatory changes, as well as changes in application of existing laws and regulations; current and future litigation, regulatory investigations, proceedings, or inquiries; available sources and costs of fuels; effects of inflation; the ability to control costs and avoid cost overruns during the development construction and operation of facilities, which include the development and construction of generating facilities with designs that have not been finalized or previously constructed; the ability to construct facilities in accordance with the requirements of permits and licenses, to satisfy any environmental performance standards and the requirements of tax credits and other incentives, and to integrate facilities into the Southern Company system upon completion of construction; advances in technology; legal proceedings and regulatory approvals and actions related to Plant Vogtle Units 3 and 4, including Georgia Public Service Commission approvals and Nuclear Regulatory Commission actions; interest rate fluctuations and financial market conditions and the results of financing efforts; changes in The Southern Company's or Georgia Power's credit ratings, including impacts on interest rates, access to capital markets, and collateral requirements; the impacts of any sovereign financial issues, including impacts on interest rates, access to capital markets, impacts on foreign currency exchange rates, counterparty performance, and the economy in general, as well as potential impacts on the benefits of U.S. Department of Energy loan guarantees; and the effect of accounting pronouncements issued periodically by standard setting bodies. Georgia Power expressly disclaims any obligation to update any forward-looking information.

View original content with multimedia:http://www.prnewswire.com/news-releases/georgia-power-finalizes-new-service-agreement-for-vogtle-nuclear-expansion-300495952.html

SOURCE Georgia Power

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