Dive Summary:
- Georgia Rep. Jeff Chapman is drafting legislation to cap the cost Southern Company passes on to customers for the construction of two nuclear reactors at Plant Vogtle, a project currently running $737 million over budget.
- Chapman seeks an agreement to control costs similar to the one made with Southern Co.'s Kemper coal-gasification plant in Mississippi, which forced shareholders to take $1 billion in losses. Southern Co. is prohibited from recovering part of its cost on Kemper and has restrictions on profits.
- This is Chapman's second proposal on the matter. The first was introduced last year but floundered without legislative support.
From the article:
Georgia Power spokesman Mark Williams said that utility regulators already approve construction spending in regular intervals, employ monitors who track the project and can ultimately prevent the company from passing any unreasonable costs to customers.
