US President Donald Trump has offered $3.7 bilion in additional load guarantees for Southern’s Georgia Power Co.’ in an effort to revive Its nuclear power project.
The conditional guarantees were announced last Friday by the US Energy Department.
“This is great news,” said Stan Wise, chairman of the Georgia Public Service Commission. “It gives us an important piece for continuing the project and it’s important in lessening the impact on rate payers.”
Southern’s Georgia Power Co. and its partners constructing the Vogtle plant were already recipients of $8.3 billion in federally-backed loan guarantees. The company then requested the Trump administration to come to their aid after accumulating costs and multiple setbacks.
The Trump Administration announced conditional loan guarantees of $1.67 billion to Georgia Power, $1.6 billion to Oglethorpe Power Corp. and $415 million to three subsidiaries of Municipal Electric Authority of Georgia.
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