There’s still time to contact your state legislators about stopping
Georgia Power profitting from cost overruns on the new nukes
at Plant Vogtle.
Georgia Sierra Club spells out why.
Georgia Power’s expansion at Plant Vogtle will bring us power that
is dangerous, expensive and unnecessary.You may remember a controversial bill the Georgia Legislature
approved in 2009,
SB 31, the Nuclear Construction Work in Progress
(CWIP) bill, which forces Georgia Power ratepayers to pay the
financing costs during construction, rather than over the life of
the plant. Large users of electricity are exempt from the charge,
but residential and mom and pop businesses have been paying for two
years.Even after that sweetheart deal, the Public Service Commissioners
scrapped their staff
proposal to stop the company from profiting on
cost overruns for the project after they top $300 million.The most recent reports from the independent monitor established by
the PSC says
that the project is months behind and as of December,
$88 million over budget. Georgia Power gets to earn 11.15% return on
all expenses approved by the PSC, so the more they have to spend,
the more they get to make and the more ratepayers get to pay!Putting the profit issue aside for the moment, if the Georgia PSC
ever decided to disapprove cost overruns, Georgia Power could take a
page from the Mississippi Power playbook and just get the
Legislature to let them issue bonds to pay for the work.
HB 267 by freshman Rep. Jeff Chapman excludes the collection of any
profits on cost overruns beyond the
$6.4 billion the Public Service Commission has approved.
The bill is co-sponsored by Avondale
Estates Democrat Karla Drenner, who is a member of the Utilities
Committee, to which the bill was assigned. Passage of this bill
would provide an incentive for Georgia Power to keep expenses down
at Vogtle, something that SB 31 failed to do.It isn’t fair for Georgia Power to profit to the tune of over 11% on
delays, overruns and mismanagement, so
ask your State Representative to support HB 267.
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