Vogtle Units No. 3 and No. 4 Construction Project

6 Months Ended

Jun. 30, 2024

Vogtle Units No. 3 and No. 4 Construction Project

Vogtle Units No. 3 and No. 4 Construction Project

Vogtle Units No. 3 and No. 4.  We, Georgia Power, the Municipal Electric Authority of Georgia (MEAG), and the City of Dalton, Georgia, acting by and through its Board of Water, Light and Sinking Fund Commissioners, doing business as Dalton Utilities (collectively, the Co-owners) are parties to an Ownership Participation Agreement that, along with other agreements, governs our participation in two additional nuclear units at Plant Vogtle, Units No. 3 and No. 4. The Co-owners appointed Georgia Power to act as agent under this agreement. Pursuant to this agreement, Georgia Power has designated Southern Nuclear Operating Company, Inc. as its agent for licensing, engineering, procurement and contract management.

Georgia Power placed Unit No. 3 in service on July 31, 2023 and placed Unit No. 4 in service on April 29, 2024.

Our ownership interest and proportionate share of the cost to construct Vogtle Units No. 3 and No. 4 is 30%, representing approximately 660 megawatts. As of June 30, 2024, our actual costs related to the new Vogtle units were approximately $8.3 billion, net of $1.1 billion we received from Toshiba Corporation under a Guarantee Settlement Agreement and approximately $418 million we received from Georgia Power. We estimate that our proportionate share of remaining additional capital costs to be incurred on the project through the end of 2024 to be $10-$20 million.

For additional information regarding our participation in Plant Vogtle Units No. 3 and No. 4, see Note 8 in our 2023 Form 10-K.

Plant Vogtle Unit No. 3 and No. 4 Production Tax Credits

For the six months ended June 30, 2024, we sold Georgia Power $32,800,000 of nuclear production tax credits and recognized the amount as a credit to the Production expense line item within our consolidated income statements. In 2023, we sold Georgia Power $21,700,000 of nuclear production tax credits. No credits were generated or sold during the six months ended June 30, 2023.