Vogtle nuke loan deadline extended for third time

We don’t know the federal cost estimates or the terms and conditions or why Plant Vogtle just got another three month extension on that $8.33 billion federal loan guarantee.

Rob Pavey wrote for the August Chronicle yesterday, Federal loan guarantee offer for Vogtle expansion extended again,

The owners of Plant Vogtle have secured — for the third time — an extension to allow further negotiation with the U.S. Energy Department over its 2010 offer of up to $8.3 billion in federal loan guarantees to help finance two new nuclear reactors.

Georgia Power and co-owners Oglethorpe Power and Municipal Electric Authority of Georgia were conditionally approved in February 2010 for loan-guarantee financing, in which the government promises to assume a company’s debt if the company defaults. However, the details were never agreed on. Two extensions have since expired, with the most recent deadline — June 30 — passing without any formal agreement in place. Jeannice M.W. Hall, a Southern Co. spokeswoman, said in an e-mail Wednesday that the new extension sets a Sept. 30 deadline for completing the loan guarantee arrangements.

With Southern Company’s stock already downgraded because of Kemper Coal and Plant Vogtle, after S&P’s downgraded SO’s credit, and with still more cost overruns at Kemper on top of Vogtle being 19 months late and a billion dollars over budget, as Gloria Tatum asked back in May, why is SO gambling on nuclear instead of solar?

If you’re tired of this, you can ask DoE Secretary Ernest Moniz to revoke that loan.