OGLETHORPE POWER CAPS ITS CAPITAL INVESTMENT IN VOGTLE CONSTRUCTION PROJECT – QNT Press Release


Contractual option to freeze capital budget protects EMC consumers from potential future cost increases

TUCKER, Ga., June 18, 2022 /PRNewswire/ — Today Oglethorpe Power announced it has exercised its one-time contractual option to freeze its capital costs for the construction of Plant Vogtle Units 3 and 4. By exercising this option, a contract amendment jointly agreed upon by all project co- Owners in 2018, Oglethorpe Power will tender a portion of its ownership in the nuclear project to Georgia Power in exchange for Georgia Power’s agreement to pay 100 percent of Oglethorpe Power’s remaining share of construction costs.

“Oglethorpe Power and our member cooperatives are deeply invested in the success of these nuclear units that will provide emission-free energy for Georgians for the next 60-80 years,” said Oglethorpe Power President and Chief Executive Officer Michael L. Smith. “At the same time, we feel responsible for protecting our not-for-profit member …

Full story available on Benzinga.com



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