A high-profile ceremony on 20 February at the construction site of Vogtle 3&4 marked the occasion of receiving the majority of loan guarantees from the US Department of Energy for project construction. Although not a government subsidy, the guarantee reduces the cost of borrowing for the construction project.
In 2010, the US Department of Energy offered a total of $8.3 billion of conditional loan guarantees to three of the four partners to build Vogtle 3&4: Georgia Power ($3.46 billion), Oglethorpe Power Corporation ($3.06 billion) and the Municipal Electric Authority of Georgia ($1.8 billion). Georgia Power has a 45.7% stake, Oglethorpe Power 30%, MEAG 22.7% and the City of Dalton, Georgia a 1.6% stake in the project.
Now, Georgia Power and Oglethorpe Power have received their guarantees, which Georgia Power said would save the project between $225-250 million in total. The US DOE said that it 'continues to work' on the MEAG loan guarantee. MEAG did not comment on the status of the guarantee.
Georgia Power said itss share of costs is currently projected at approximately $6.8 billion, which includes approximately $2 billion of financing costs to be collected during construction.
A Nuclear Energy Institute presentation to investors on 14 February said that the project had capital costs to date of $2.21 billion. It also said that costs for actual EPC (engineering, procurement and construction) remain stable and represent a less than 1% increase in certified capital costs.
Vogtle units 3 and 4, two 1250 MWe-capacity AP1000s, are expected to begin commercial operation in 2017 and 2018, respectively. The project received a licence to pour nuclear concrete a year ago.
Unit 3 nuclear island elevation has reached 100 feet (30m), according to a MEAG Power management board update dated 20 February. Such a height allows the start of construction of the shield building and other structures at ground level. The first concrete pour in and around the vessel bottom head is nearing completion. Three modules including the reactor vessel cavity have been installed. Work on CA 20, part of the auxiliary building, is nearly complete in the modular assembly building on site. In the turbine island, steel support structures, the condenser assembly and auxiliary pumps and equipment have been installed. Coming up in the next few months include installing the containment vessel lower ring and installation of the steam generator module CA 01.
The unit 4 basemat concrete pour was completed in November 2013. The containment vessel bottom head has been set and the containment cradle assembly was planned to be lifted in to place on 20 February. The turbine island concrete basemat is complete, as are wall placements and the condenser assembly.
Georgia Power said that procurement of all major components is complete and fabrication and delivery of these components are on track to meet project needs.
Southern Nuclear, a subsidiary of Southern Company, is overseeing the construction and will operate the two new units for Georgia Power and the other co-owners. Southern Nuclear currently operates Plant Vogtle's two existing nuclear power units, as well as Georgia Power's Plant Hatch nuclear facility near Baxley, Georgia, and Alabama Power's Plant Farley nuclear facility near Dothan, Alabama.
