Energy Secretary Rick Perry has announced the Trump administration has finalized $3.7 billion in new loan guarantees to support completion of the Vogtle 3 & 4 nuclear expansion project, located in Waynesboro, Ga.
It will be the first nuclear power plant to be built in the United States in more than 30 years.
“The Vogtle project is critically important to supporting the administration's direction to revitalize and expand the U.S. nuclear industry," said Secretary Perry. "A strong nuclear industry supports a reliable and resilient grid, and strengthens our energy and national security. As I've witnessed firsthand today, Vogtle is also an energy infrastructure project with a massive scope employing thousands of workers. This project is rebuilding a highly skilled U.S. nuclear workforce and supply chain for the future.”
As much as $1.67 billion will go to Southern Co. subsidiary Georgia Power, up to $1.6 billion will go to Oglethorpe Power Corp. and as much as $415 million will go to three subsidiaries of the Municipal Electric Authority of Georgia.
The expansion of Plant Vogtle in eastern Georgia has fallen years behind schedule while its price tag has nearly doubled since the government approved two new reactors at the plant in 2012.
The project was originally slated to cost about $14 billion. The latest estimate is $27.5 billion. The first reactor is scheduled for completion in late 2021, with the second coming online in 2022.