Utility owner Southern Co. has agreed to take the lead on building two nuclear reactors at its Vogtle power plant in Georgia from bankrupt contractor Westinghouse Electric Co.as soon as next month. The Atlanta-based utility owner said in a statement late Friday that an interim contract with Westinghouse will be extended to June 3 while the companies finalize and gain approval for a new service agreement. Just last week, Southern Chief Executive Officer Thomas Fanning said Toshiba Corp.’s Westinghouse unit had “given every indication” it wanted out of the pact to build reactors but was refraining from a decision under the contract that was due to expire Friday. The companies reached an agreement in principle that “allows for the transition of project management from Westinghouse” to Southern once their current engineering and construction contract is rejected in Westinghouse’s bankruptcy case, Southern said in its statement. “During this time, work will continue at the site and an orderly transition of project management will begin.”
Bloomberg 13th May 2017 read more »