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Associated Press:

One of the owners of a nuclear power plant being expanded in Georgia says it’s shifting overruns to Georgia Power Co. in exchange for giving up a sliver of its ownership.

Oglethorpe Power Corp. which provides power to 38 electric cooperatives, said Saturday that it has exercised a contractual option to freeze its costs for Plant Vogtle at $8.1 billion.

Oglethorpe Power said it would save members at least $400 million. In exchange, Oglethorpe’s ownership share of the two new reactors being built at the plant east of Augusta would fall from 30% to 28%. That would bump Georgia Power’s share of ownership from 45.7% to 47.7%.

Associated Press calculations show the plant will cost at least $30.34 billion.

If costs rise further, Oglethorpe would save more, but give up a larger share of its ownership.

Georgia Power officials have said they don’t expect regulators with the Georgia Public Service Commission to approve customers paying further costs. That means shareholders of Georgia Power’s parent — Atlanta-based Southern Co. — would pay.

Oglethorpe, Georgia Power and Vogtle’s two other owners — the Municipal Electrical Authority of Georgia and the city of Dalton — have been arguing over Georgia Power’s obligations to start absorbing more costs.

[Jeff Amy]

More: Georgia cooperatives move to freeze nuclear costs at $8.1B

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