Ronald Reagan, quoting John Adams, was fond of saying, “Facts are stubborn things.” The facts about the billions of dollars in benefits Georgia Power is in a position to deliver to customers from the two new nuclear units at Plant Vogtle in eastern Georgia are clear. Sadly, they are often muddied by self-interest groups determined to distort them.
Last month, the Nuclear Regulatory Commission approved Georgia Power’s request to begin full construction on the nation’s first new nuclear units in 30 years at Plant Vogtle. This was a monumental day for our customers. It is one more assurance in a transparent process that began seven years ago to ensure that the company delivers on its promise to provide clean, safe, affordable and reliable electricity.
The need for additional energy sources is determined through the company’s integrated resource planning process. Fully vetted and approved by the Public Service Commission, Georgia Power adds and uses only the least expensive energy necessary to serve customers.
The charge that the company creates excess energy to sell it to other utilities is false. More importantly, if we were to sell excess wholesale energy from our assets, our customers would receive the benefit from the sales.
Through various actions initiated on behalf of customers, Georgia Power is in a position to deliver up to $7 billion in benefits.
First, because of the bold actions taken by members of Georgia’s General Assembly and PSC, our customers will be provided with direct savings from these new units. Approving the recovery of financing costs during construction — similar to paying for roads while they are being built — will lower the overall cost of the project.
Production tax credits will deliver savings when the units go into service. Loan guarantees, which provide lower interest rate financing from the Department of Energy, reflect the Obama administration’s support of nuclear energy and will save customers $15 million to $20 million annually.
Finally, recall that these two new nuclear units were chosen over other comparable generation sources because they will save our customers up to $6 billion during their 60-year life spans.
Georgia Power is accountable to customers. The company has long been, and will continue to be, subject to rigorous oversight. This includes ongoing detailed project reviews by the PSC and its independent monitor throughout the construction period. The company also files both monthly and semi-annual status reports that the PSC uses to review and approve all project spending.
The project is a tremendous economic boost for Georgia. It’s creating jobs — up to 25,000 direct and indirect jobs, including 5,000 on-site during construction, and 800 permanent positions. The electricity produced will power more than 500,000 Georgia homes and businesses.
In its 100-year history, Georgia Power has learned some valuable lessons. Prudence in generation planning, a financially responsible business approach and reliability are qualities that have made our company an industry leader, and are what our customers have come to expect. The addition of the new nuclear units at Plant Vogtle will build on that solid foundation and ensure we continue to meet the electricity needs of our customers for years to come.
Ann Daiss is vice president, comptroller and chief accounting officer at Georgia Power.
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