To further support the construction of two advanced nuclear reactors at the Alvin W. Vogtle Electric Generating Plant, U.S. Secretary of Energy Rick Perry announced today conditional commitments for up to $3.7 billion in loan guarantees to Vogtle owners: $1.67 billion to Georgia Power Company (GPC), $1.6 billion to Oglethorpe Power Corporation (OPC), and $415 million to three subsidiaries of Municipal Electric Authority of Georgia (MEAG Power). The Department has already guaranteed $8.3 billion in loans to GPC, OPC, and MEAG Power subsidiaries to support construction of Vogtle Units 3 and 4.
“I believe the future of nuclear energy in the United States is bright and look forward to expanding American leadership in innovative nuclear technologies,” said Secretary Perry. “Advanced nuclear energy projects like Vogtle are the kind of important energy infrastructure projects that support a reliable and resilient grid, promote economic growth, and strengthen our energy and national security.”
The Vogtle project is the first new nuclear power plant to be licensed and begin construction in the United States in more than three decades. The two new 1,100 megawatt Westinghouse AP1000® nuclear reactors at Vogtle represent the first U.S. deployment of this innovative technology. Once online, these new nuclear reactors are expected to provide more than 17 million megawatt-hours of clean electricity annually. This is enough reliable electricity to power more than 1.6 million American homes while avoiding nearly 10 million metric tons of carbon dioxide emissions annually.
The two new nuclear reactors at Vogtle will supplement the two existing reactor units at the facility. To date, the project has created approximately 6,000 onsite construction jobs and is expected to create approximately 800 permanent jobs once the units begin operation.
The Energy Policy Act of 2005 authorized the Department to issue loan guarantees for projects in the U.S. that employ new or significantly improved technologies and avoid, reduce, or sequester greenhouse gases. If the new Vogtle loan guarantees are approved, they would be the first issued under the $12.5 billion Advanced Nuclear Energy Projects Solicitation issued in December 2014.
To learn more about the Vogtle Advanced Nuclear Energy Project and other projects in the Department of Energy’s Loan Programs Office visit their website HERE.