Bloomberg has video of Southern Company CEO Thomas A. Fanning trying to explain away how cost overruns at SO’s nuclear Plant Vogtle in Georgia are linked to cost overruns SO’s coal Plant Kemper in Mississippi.
Betty Liu: This project along with the Vogtle project… has some investors wondering maybe Southern Company has stretched itself too thin, with these two major projects you’ve got under way….
Fanning: In fact, the Vogtle project is going beautifully. We have delayed the in-service date by a year, but….
That’s funny, GA PSC and the AJC say 19 months late for Plant Vogtle. Fanning continued claiming benefits outweigh costs, and slipped in that price increases for Georgia Power customers “will be less than 1% per year”. Nevermind that Google already deployed almost as much wind and solar power as both new Vogle nukes are supposed to generate, for less than Georgia Power customers have already paid. Here’s the Bloomberg video of Fanning:
The annual Southern Company stockholder meeting is coming up May 22; maybe some shareholder will ask Fanning about all this.