Legislation to Limit Georgia Power and Southern Company Profits on Vogtle!
ACTION ALERT - HB 267
STOP EXCESSIVE GEORGIA POWER PROFITS ON VOGTLE COST OVERRUNS
Show your support for Reps Jeff Chapman and Karla Drenner, and House Bill 267!
What: Press conference and Utilities Subcommittee of Energy, Utilities and Telecommunications hearing on House Bill 267, which prevents Georgia Power from collecting their 11.15% profit from residential and small business ratepayers on cost overruns at Plant Vogtle.
When: Tuesday, February 26, 2013
Press conference at 11:30 a.m.,
Subcommittee from 1:30-3:00 p.m.
Where: At the Capitol, exact location for press conference to be announced; subcommittee in 403 CAP
What HB 267 does:
HB 267 would make Georgia Power Company share some of the risk with ratepayers in any cost overruns incurred related to the construction of two new nuclear reactors at Plant Vogtle. The bill would prevent Georgia Power from collecting an 11.15 percent profit on construction capital costs that exceed the certified cost to complete the project. HB 267 would amend the law adopted by the General Assembly in 2009, Senate Bill 31, which allowed Georgia Power to collect financing costs to build the two new nuclear reactors at Plant Vogtle years before the units provide any electricity. If Georgia Power runs over its Public Service Commission-certified budget of approximately $6 billion while building the two nuclear reactors, the Company would earn a reduced profit on any investments that exceeded that amount.
Why it's important to you:
The two new nuclear units originally scheduled for completion in April 2016 and 2017, respectively, are already running tens of millions over budget and more than a year behind schedule. According to experts monitoring the project, a one year scheduling delay could equal hundreds of millions in added costs. Residential and small business customers are paying not only the financing costs of the project, but also Georgia Power's 11-plus percent profit on capital costs. As a regulated monopoly, Georgia Power earns the built-in profit on every dollar it spends on capital infrastructure, even when those costs are over budget.
Action you can take today: