Plant Vogtle is now estimated to be about a year behind schedule. As reported by the AJC’s Kristi Swartz, delays add to the costs of the project, which negates the positive economic benefits the plant was originally projected to produce.
Regulatory issues, commercial disputes and heightened scrutiny of the $14 billion Plant Vogtle project may push the reactors’ operational dates as much as a year behind schedule. The longer it takes to build the reactors, the more financing and capital costs customers have to pay, diminishing long term economic benefits, the report said.
“Staff has warned on numerous occasions that the benefits will be eroded if delays occur, which is now the case,” wrote Philip Hayet, a consultant hired by the Public Service Commission’s advocacy staff to review Georgia Power’s economic analysis of Plant Vogtle.
The utility’s share of the project is $6.1 billion, and customers already are paying financing costs in their monthly bills.
Now is also a good time to remind our readers that “those financing and capital costs that customers have to pay” currently is limited to only residential and small business customers. Those with lobbyists also known as “large commercial users” were exempted from the rate hikes that have already begun to pay for this plant’s costs as well as a front loaded billion dollar profit for GA Power Shareholders. Their returns are locked in. The benefits to the rest of us….not so much.