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U.S. DOE approves Toshiba deal, $3.2 billion for Vogtle project

Staff Writer |
The U.S. Department of Energy (DOE) has issued the final approval needed for Georgia Power's new agreement with Toshiba, the parent company of former primary Vogtle contractor Westinghouse, to receive all remaining scheduled payments from Toshiba in the amount of approximately $3.2 billion by December 15, 2017.

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Georgia Power's proportionate share of the payments is approximately $1.47 billion.

To date, the Vogtle co-owners (Georgia Power, Oglethorpe Power, MEAG Power and Dalton Utilities) have received $455 million in total scheduled payments from Toshiba under the parent guarantee for the Vogtle project – a structure which was put in place to protect Georgia electric customers as part of the original contract.

"We are pleased to have reached this constructive agreement with Toshiba regarding the parent guarantees for the Vogtle project and every dollar will be used to benefit our customers," said Paul Bowers, chairman, president and CEO of Georgia Power when the agreement was announced.

"We remain committed to making the right decisions for our state's energy future and continue to believe that completing both Vogtle units represents the best economic choice for customers and preserves the benefits of carbon-free, baseload generation for Georgia electric customers."

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