Westinghouse bankruptcy puts $8.3B in federal loan guarantees for Vogtle plant at risk

 · In 2010, the Obama administration granted the project $8.3 billion in federal loan guarantees. Almost immediately the construction faced expensive setbacks. It’s.

 · The U.S. Department of Energy (DOE) said on Friday it has offered an additional loan guarantee of up to $3.7 billion to companies building two nuclear reactors at the Vogtle plant.

“Congressional concern has arisen that the Westinghouse bankruptcy could place taxpayers at risk. federal government is roped into the fate of the project in Georgia because the U.S. Department of.

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Westinghouse Electric Co. LLC was the main contractor for V.C. Summer and Southern Co.’s Plant Vogtle in Georgia. The mega-contractor, owned by Toshiba Corp., filed for Chapter 11 bankruptcy. out.

 · Southern is financing the reactors with $8.3 billion in federal loan guarantees approved under President Barack Obama’s initiative to build the first new nuclear plants in the U.S. in 30 years.

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closed on loan guarantees for the construction of Vogtle units 3 and 4, providing customers approximately $265 million of present-value benefit. Westinghouse filed for Chapter 11 bankruptcy in March 2017. Southern Nuclear assumed control of the Vogtle 3 and 4 site. Georgia Power received unanimous approval Dec. 21, 2017,

Cooper said: "The message for Vogtle is simple, nuclear power is uneconomic. It will take massive federal, state and vendor subsidies. That dream is now in ruins. The Westinghouse bankruptcy and.

 · 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.

Vogtle and a similar project in South Carolina reached a critical juncture in March last year when their main contractor, Westinghouse Electric Co. LLC, filed for bankruptcy protection.

The $800 million in third-party financing Westinghouse secured to protect its core businesses during reorganization may not be enough, a group of northeast utilities told a bankruptcy court..

 · While the Obama administration offered $8.3 billion in taxpayer-backed loan guarantees to help finance the construction of the Vogtle reactors, the Georgia legislature passed a law allowing Southern Company to finance them through a scheme called “construction work in progress” that forces ratepayers to pay in advance, with a charge of about $10 on the average customer’s monthly bill.