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8 May 2008 -- Georgia Power said it could cost $6,300/kW to build 2,200 MW of new nuclear capacity at the Vogtle Electric Generating Plant near Waynesboro, Ga. The estimate came as the utility moves toward submitting a nuclear self-build proposal to Georgia regulators. Regulatory rules require market bids to be compared with self-build proposals, but the utility said no market bids were received.
The plant would consist of two Westinghouse AP1000 units, with a capacity of 1,100 MW each. They would enter service in 2016 and 2017, respectively.
Under an EPC contract signed earlier this year, the Vogtle co-owners (Georgia Power, Oglethorpe Power, MEAG Power and Dalton Utilities) will pay a purchase price that will be subject to certain price escalation and adjustments, as well as adjustments for change orders and performance bonuses. The estimated plant value to be placed in service also includes the financing costs for each co-owner, transmission and other costs that are the responsibility of the co-owners and expected inflation costs.
Georgia Power said it expects to submit a final recommendation to regulators on August 1. A final certification decision is expected in March 2009.
Under the terms of a separate joint development agreement, the co-owners must finalize their ownership percentages by July 2 except for allowed changes, under certain limited circumstances, during the Georgia regulatory certification process. Georgia Power's proportionate share of the estimated in-service cost of the two units, based on its current ownership interest of 45.7 percent, is approximately $6.4 billion, subject to adjustments and performance bonuses under the EPC contract.
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