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September 04, 2015 10:25 PM ET

Electric Utilities

Company Overview of Georgia Power Co.

Company Overview

Georgia Power Company generates, purchases, transmits, distributes, and sells electricity in Georgia. The company generates electricity from nuclear fuel, coal, and natural gas, as well as renewable sources, such as solar, hydroelectric, and wind. It serves to 2.4 million customers in 4 of Georgia's 159 counties. The company sells electricity at retail in approximately 600 communities, including Athens, Atlanta, Augusta, Columbus, Macon, Rome, and Savannah, as well as in rural areas; and at wholesale to various electric membership corporations and non-affiliated utilities. It primarily serves residential, commercial, and industrial clients. The company was founded in 1927 and is based in Atl...

241 Ralph McGill Boulevard, N.E.

Atlanta, GA 30308

United States

Founded in 1927

7,909 Employees

Phone:

404-506-6526

Key Executives for Georgia Power Co.

Chairman, Chief Executive Officer, President and Chairman of Executive Committee
Age: 58
Chief Financial Officer, Executive Vice President and Treasurer
Age: 58
Executive Vice President of Nuclear Development
Age: 53
Senior Vice President and Senior Production Officer of Generation - Southern Company
Age: 43
Chief Compliance Officer, Senior Vice President, General Counsel and Corporate Secretary
Age: 54
Compensation as of Fiscal Year 2015.

Georgia Power Co. Key Developments

Georgia Power Announces Latest Milestone in the Vogtle Nuclear Expansion

Georgia Power announced the latest milestone in the Vogtle nuclear expansion – the recent placement of the first six shield building panels for Unit 3. The safe placement of the panels follows the heaviest 'lift' of the project, the 2.28 million-pound Unit 3 CA01 module, earlier this month. The shield building, which encapsulates the Unit 3 containment vessel, is comprised of more than 160 individual steel panels. The reinforced panels can weigh 10 tons or more and be filled with concrete. Once completely assembled, the shield building will provide structural support of the containment cooling water supply and protect the containment vessel, which houses the reactor vessel and associated equipment. Other recent milestones at the Vogtle expansion site include the Unit 4 CA04 module placement in June and concrete placement for the Unit 3 Annex Building basemat. Georgia Power also recently announced the completion of transmission upgrades and installations at the site in preparation to connect the new units to Georgia's power grid. The expansion at Plant Vogtle is part of Georgia Power's long-term plan for providing safe, clean, reliable and affordable energy for Georgians well into the future. Once units 3 and 4 join the existing two Vogtle units already in operation, Plant Vogtle is expected to generate more electricity than any U.S. nuclear facility, enough to power more than one million homes and businesses in Georgia. The construction of Vogtle units 3 and 4 continues to be the most economic choice for meeting Georgia's future energy needs. On Tuesday, Georgia Power received unanimous verification and approval from the Georgia Public Service Commission for its most recent Vogtle capital and construction investment of $169 million.

Georgia Power Announces the Heavy "Lift" of the Vogtle Expansion Project to Date

Georgia Power announced the heavy "lift" of the Vogtle expansion project to date " the placement of the CA01 module for Unit 3. Weighing GBP 2.28 million or 1,140 tons, the CA01 module is 70 feet tall and 80 feet wide. The CA01 module was assembled onsite in the modular assembly building (MAB), moved to the nuclear island as one piece and lifted into place Saturday by a 560-foot tall heavy lift derrick. The CA01 module, made entirely of steel, will house two steam generators for Unit 3 in addition to other equipment. The second of these steam generators arrived from South Korea in June. This milestone is the latest in a series of recent construction highlights including concrete placement on the west side of the Unit 3 Shield Building to an elevation of 94 feet; Unit 4 CA04 module placement in June; and concrete placement for the Unit 3 Annex Building basemat. Georgia Power also recently announced the completion of multiple transmission upgrades and installations at the site in preparation to connect the new units to Georgia's power grid. The expansion at Plant Vogtle is part of Georgia Power's long-term, strategic plan for providing safe, clean, reliable and affordable energy for Georgians well into the future. Once units 3 and 4 join the existing two Vogtle units already in operation, Plant Vogtle is expected to generate more electricity than any U.S. nuclear facility, enough to power more than one million homes and businesses in Georgia.

Georgia Power Co. Receives $1.8 Billion in Federal Loan for Plant Vogtle Expansion

Georgia Power has announced that it has received a total of $1.8 billion in loans to date from the Federal Financing Bank (FFB) for the construction of the Plant Vogtle nuclear expansion. This is roughly half of the $3.46 billion that the FFB will lend for the project. Loans from the FFB for Georgia Power's share of the Vogtle project are guaranteed under a 2014 agreement with the U.S. Department of Energy (DOE) a partnership which is delivering hundreds of millions of dollars in expected benefits for customers. The latest draw of $600 million was secured with an interest rate set at 3.283%, fixed until the loan's final maturity on February 20, 2044. In part due to the current capital market environment, savings have exceeded estimates at the time the company secured the loan guarantee. The company now estimates that present-value benefits delivered to customers as a result of the DOE loan guarantee have risen to $330 million. With the latest draw, nearly $185 million of these benefits are now locked in for customers.

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