Westinghouse, the primary contractor for the Plant Vogtle nuclear expansion near Augusta, announced that it has filed for Chapter 11 bankruptcy. The Georgia Power Co. and the project’s other Georgia-based co-owners (Oglethorpe Power, MEAG and Dalton Utilities) have been preparing for the possibility of a Westinghouse bankruptcy filing and were very clear last week about their strategy moving forward.
“Work is continuing at the construction site,” Georgia Power says. “While we are working with Westinghouse to maintain momentum at the site, we are also currently conducting a full-scale schedule and cost-to-complete assessment to determine what impact Westinghouse’s bankruptcy will have on the project and we will work with the Georgia Public Service Commission and the Co-owners to determine the best path forward. We will continue to take every action available to us to hold Westinghouse and Toshiba accountable for their financial responsibilities under the engineering, procurement and construction (EPC) agreement and the parent guarantee.”
Key leadership from Georgia Power, as well as Southern Company, travelled to Tokyo as well last week to meet with Toshiba executives to discuss the project. According to Southern Company CEO Tom Fanning on Bloomberg TV Thursday, “We are committed to making this successful. Over the next 30 days we will evaluate all of the data and make the decisions we need to make. The clear indication is that we want to complete this project – it’s important for America and the citizens of Georgia.”
Watch Fanning’s full interview: https://www.bloomberg.com/news/articles/2017-03-29/scana-southern-fall-on-uncertain-fate-of-u-s-nuclear-projects
