Georgia Power customers to receive second $25 Vogtle credit on July bills
July 2, 2018
Georgia Power customers will receive the second of three separate $25 credits for the Vogtle nuclear expansion this month. A total of $75 in 2018 bill credits, or $188 million overall, were approved by the Georgia Public Service Commission (PSC) as part of its order to continue construction of Vogtle 3 & 4 in December 2017. The third and final $25 credit is expected to be issued in September.
The credits are a direct result of parent guarantee payments for the Vogtle project from Toshiba available due to the strength of the original contract for the project and protections in place for Georgia electric customers.
Customers also continue to save money throughout 2018 under the company's updated 2018 Nuclear Construction Cost Recovery (NCCR) tariff. The tariff allows the company to collect financing costs for the Vogtle expansion every month, a structure which saves customers hundreds of millions of dollars by reducing financing and borrowing costs, while also phasing the new units into rates over time helping to avoid "rate shock" once the new units come online. As a result of the Toshiba parent guarantee payments and changes in federal tax law this year, customers will pay $139 million less than expected in 2018 for the Vogtle project with the typical residential customer using 1,000 kilowatt-hours per month paying $1 less each month than they did in 2017.