Georgia Power settles with 1 co-owner in Vogtle dispute

Georgia Power Co. will pay at least $76 million to settle a lawsuit with a co-owner over who will pay for overruns at the Vogtle nuclear power plant.

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The settlement could mean lower future electric bills for customers served by MEAG. Georgia Power has said shareholders and not its 2.7 million customers will pay for any costs it assumes. Georgia Power is currently seeking a 12% rate increase unrelated to Vogtle. After that, the co-owners can require Georgia Power to cover all remaining overruns. In exchange, the co-owners would sell part of their ownership shares to Georgia Power., saying Georgia Power should begin paying a higher share after direct construction spending passed $17.9 billion. But Georgia Power said the agreement didn't kick in until shared construction costs reach $19.18 billion, arguing it should be exempt from paying for overruns caused by COVID-19.

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