Georgia Power to finalize Vogtle assessments by end of August

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Aug 04, 2017, 15:51 ET

ATLANTA, Aug. 4, 2017 /PRNewswire/ -- Georgia Power expects to complete its comprehensive schedule and cost-to-complete assessment, as well as cancellation cost assessment, for the Vogtle nuclear expansion by the end of the month. The final recommendation is expected to be filed with the Georgia Public Service Commission (PSC) as part of the 17^th Vogtle Construction Monitoring (VCM) Report. Once submitted, Georgia Power will work with the Georgia PSC to determine the best path forward for customers.

Southern Company, the parent company of Georgia Power, announced second quarter earnings for 2017 on Wednesday. Included in the quarterly earnings materials were preliminary estimates for the Vogtle project from Georgia Power's ongoing analysis. According to preliminary estimates, Georgia Power's estimated capital costs for the new units at Plant Vogtle could increase from $5.7 billion previously approved by the Georgia PSC to a range of $6.7 billion to $7.4 billion. Financing costs for Georgia Power's share of the project could increase from previous projections of $2.3 billion to an estimated range of $3.1 billion to $3.5 billion.

Figures released this week are preliminary estimates only – they have not been finalized and are subject to further refinement. Georgia Power cautions against using the company's preliminary estimates for its 45.7 percent share of the project to calculate 100 percent of the project costs as capital and financing costs for the project's co-owners will vary.

Construction work continues at the Vogtle nuclear expansion under a new service agreement with Westinghouse while Georgia Power's assessments, as well as assessments by Oglethorpe Power, MEAG Power and Dalton Utilities, are finalized.

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 estimated cost and schedule information for Plant Vogtle Units 3 and 4 and other 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.

SOURCE Georgia Power