Toshiba to Speed $1.5 Billion Payment to Southern on Nuke Plant
- Southern says payment will help reduce costs to customers
- Company seeks approval to complete nukes after costs soared
Photographer: Pallava Bagla/Corbis News via Bloomberg
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Southern Co. said an accelerated timetable for receiving the remaining $3.2 billion in parental guarantees from Toshiba Corp. for two reactors under construction in Georgia will help its case to continue with the project.
Southern’s Georgia Power unit, which owns a 46 percent stake in the Vogtle plant, will get about $1.47 billion of the total. The project owners, which include Oglethorpe Power Corp., Municipal Electric Authority of Georgia and Dalton Utilities, have received $455 million so far from Toshiba.