Key Step Toward Providing Carbon-Free Electricity
Atlanta-based Southern Co. announced on Wednesday that the nuclear power plant in Georgia has achieved self-sustaining nuclear fission in its second of two new reactors at Plant Vogtle. This milestone marks a significant advancement in generating carbon-free electricity.
Commercial Operation Expected in Second Quarter of 2024
Plant Vogtle’s Unit 4 is anticipated to commence commercial operation between April 1 and June 30, 2024. The previous target date of March 30 was postponed due to vibrations discovered in a cooling system. Georgia Power is currently conducting startup testing on Unit 4 to ensure that the reactor’s systems can function effectively under the intense heat and pressure within a nuclear reactor.
Costs and Projected Expenses
Regulators approved a 6% rate increase on Georgia Power’s 2.7 million customers to cover the remaining $7.56 billion in costs at Vogtle. This increase is expected to amount to $8.95 per month for the typical residential customer in addition to the $5.42 rise when Unit 3 began operating. The total projected cost for the new Vogtle reactors, including the amount paid by Westinghouse to abandon construction, nears $35 billion, significantly higher than the initial estimate of $14 billion.
Implications for the Energy Sector
The completion of Units 3 and 4 at Vogtle represents a significant development as the first new American reactors built from scratch in decades. These reactors have the capacity to power 500,000 homes and businesses while emitting no carbon. Despite the increasing interest in nuclear power as a solution to combat climate change, the high cost of projects like Vogtle could deter utilities from further investments in nuclear energy.
Ownership and Partnerships
Georgia Power holds a 45.7% ownership stake in the reactors, with smaller shares owned by Oglethorpe Power Corp., the Municipal Electric Authority of Georgia, and the city of Dalton. Additionally, some utilities in Florida and Alabama have agreements to purchase power from Vogtle.
