Georgia Power said Tuesday that it had reached an agreement with Toshiba to speed up a $3.2 billion payment to help salvage two nuclear reactors under construction in Georgia. Under the agreement, Toshiba will make the payments by Dec. 15 on behalf of its nuclear construction subsidiary Westinghouse, which is in bankruptcy. The agreement was disclosed four days after three staff members of the Georgia Public Service Commission said the project at the Vogtle power station “is no longer economic” given huge cost overruns, construction delays and the burden that would be placed on ratepayers while the company profits. The PSC commissioners will decide in February whether to let the project go forward.
Washington Post 5th Dec 2017 read more »
The new chairman of the U.S. office that regulates energy projects was granted more time on Friday to decide on Energy Secretary Rick Perry’s directive to subsidize aging nuclear and coal-fired power plants. Perry had directed Federal Energy Regulatory Commission in September to decide on a rule by Dec. 11 that would allow power plants that maintain at least 90 days of fuel supply on site to recover their full costs through regulated power pricing. The secretary says coal and nuclear plants should be rewarded for keeping the power grid robust by diversifying sources of power. Low natural gas prices have pushed many coal and nuclear plants into retirement.
Reuters 9th Dec 2017 read more »