Southern to Take Lead From Westinghouse on Nuclear Project
- Westinghouse bankruptcy threw fate of reactors into question
- Toshiba working to provide certainty to banks on exposure
Southern Company CEO Thomas Fanning discusses the company's ties to Toshiba and Westingouse, and the future for the utility's nuclear projects. He speaks on 'Bloomberg Daybreak: Asia.' (Source: Bloomberg)
Utility owner Southern Co. agreed to take the lead from Toshiba Corp.’s bankrupt Westinghouse Electric Co. unit on building two nuclear reactors at its Vogtle power plant in Georgia as soon as next month.
The Atlanta-based utility owner also agreed to extend to June 3 an interim contract with Westinghouse while the companies finalize the new service pact, Southern said in a statement late Friday. Toshiba would remain on the hook for about $3.6 billion in guarantees for the project that may be paid over at least three years, according to a person with knowledge of the discussions, asking not to be identified because the information isn’t public.