Partners in delayed Georgia nuclear reactors settle financial dispute

Partners in the development of a pair of nuclear reactors in Georgia have settled a legal dispute that threatened the project’s underlying financing structure.

Investor-owned Georgia Power and cooperative Oglethorpe Power, primary partners on the construction of two new nuclear reactors at Georgia Power’s Plant Vogtle in Waynesboro, recently agreed to new terms regarding cost-sharing obligations following years of cost overruns and delays that sent the effort’s with JEA remaining in the deal, and the settlement brought upgrades for the former litigants.

S&P currently rates JEA A-plus with a stable outlook.

Progress continues on Vogtle Unit 4, with Georgia Power expecting a start to commercial operations in March 2024, an encouraging sign for the project, S&P added.

Earlier this month, Georgia Power announced it found a faulty coolant pump when testing Unit 4 that would require a replacement, but said it didn’t expect the issue to affect the new start date.