The project is already over three years behind schedule and over $3 billion over budget. The fallout from Westinghouse’s Chapter 11 reorganization is widely expected to bring more costs and delays.
Meanwhile, another Southern subsidiary, Mississippi Power, has been hit with delays and billions in costs overruns as it struggles to get an advanced-technology “clean coal” power plant running properly.
Last year, Southern’s profits grew about 4 percent, to $2.5 billion.
Southern Co. said 2016 "was a successful year for us" and that Fanning and other top executives exceeded pay performance goals tied to the company's profits, according to a company filing to the U.S. Securities and Exchange Commission.
However, those profit targets also excluded the impact of the troubled Mississippi plant’s cost overruns and certain other costs, according to the March 24 proxy filing.
Last year, Fanning, 60, received a $1.3 million salary, a $2.7 million bonus, $7.8 million in stock awards, and $119,667 in perks such as personal use of company aircraft and financial planning services.
Southern estimated that the value of Fanning’s pension benefits increased by almost $3.9 million last year because of various factors such as lower interest rates and Fanning’s pay increases and rising age.