As promised,
a bipartisan bill was filed Thursday to stop Georgia Power from
charging for nuclear cost overruns on Plant Vogtle; this could free up some financing for Georgia to move ahead on solar and wind power.
A BILL to be entitled an Act to amend Code Section 46-2-25 of the
Official Code of Georgia Annotated, relating to the procedure for
changing any rate, charge, classification, or service and the
recovery of financing costs, so as to change the calculation used
under certain circumstances to determine the costs of financing
associated with the construction of a nuclear generating plant that
a utility may recover from its customers; to provide for related
matters; to provide an effective date; to repeal conflicting laws;
and for other purposes.
The bill would add this text to Georgia Code:
…provided, however, that in the event the amounts recorded in the
utility’s construction work in progress accounts plus the amount of
all financing costs accrued on any construction work in progress
accounts exceeds the costs approved by the commission in the
original certificate of the nuclear generating plant granted under
Code Section 46-3A-5, the cost of equity portion of the financing
costs shall be calculated using a rate no higher than the utility’s
actual cost of debt.
Let’s see what Georgia Power does to fight this one.
So far, it’s