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.
-jsq
Southern Company is building coal, natural gas, and nuclear power plants because “it is important for America to deploy this technology”? Who is he trying to fool here?
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Fanning may well believe his own PR, but who he’s trying to convince are his stockholders, the voters of GA, AL, MS, FL, and most importantly the investment community. Without buyers for his bonds, the new nukes at Plant Vogtle fail, and so does “clean coal” in Kemper County, MS. Or the voters could insist on revoking the rate hikes or the federal loan guarantees. -jsq