Georgia Women’s Action for New Directions to hold press conference at Public Service Commission meeting
Georgia Women's Action for New Directions (WAND)
For Immediate Release
Tuesday, July 5, 2011
Courtney Hanson (404) 524-5999
What: Public Service Commission meeting on a risk sharing mechanism to protect the public
Who: Representatives from Georgia WAND, Sierra Club, Atlanta Grandmothers for Peace, and Georgia Power rate payers will speak on the risk sharing mechanism to be addressed in the PSC meeting.
Georgia WAND calls for all Georgia Power ratepayers to attend and make comments at the meeting. Prior to the meeting, Georgia WAND strongly encourages the public to email, fax or call Georgia’s five Public Service Commissioners (Bubba McDonald, Doug Everett, Bobby Baker, Stan Wise, and Chuck Eaton) asking them to deny Georgia Power’s latest request.
Why: A risk sharing mechanism would protect ratepayers from cost overruns. With no risk sharing mechanism, ratepayers will be billed for all budget overruns (i.e., without an RSM, there will be no sharing of the risk between ratepayers and shareholders). Staff’s RSM even builds in a $300 million “buffer” above the $6.1 billion certified cost, so cost can go as high as $6.4 billion without any adjustment whatsoever to Georgia Power’s return on investment.
Georgia Power is planning the construction of two new nuclear reactors at Plant Vogtle near Waynesboro. This investment in high risk energy necessitates federal loan guarantees in the amount of $ 8.7 billion from the U.S. Department of Energy. In order to qualify for these loans and afford processing fees, Georgia Power must increase its revenues from ratepayers, shifting the financial burden from their executives and stockholders to their customers.
When: Wednesday, July 6, 2011, 9:30 am press conference, 10 am meeting.
Where: Public Service Commission, 244 Washington Street, SW, Atlanta, GA 30334
Statement to Press: “The unprecedented nuclear disaster at Fukushima clearly demands that the nuclear industry pause and evaluate the safety concerns and new risks posed by unanticipated natural disasters," Amanda Hill-Attkisson, Georgia WAND Managing Director says. "Countries world-wide are halting their nuclear plans and it’s time that Georgia Power to do the same. At the very least, the Georgia Public Service Commission should consider new information for determining whether or not funding nuclear power, with ratepayers’ dollars, is even viable considering the financial risks as well as human health and environmental hazards."