In it’s 13th semi-annual construction update since the project was approved in 2009, the Southern Co. (NYSE: SO) unit said it has spent $148 million during the first six months of the year, according to the Atlanta Business Chronicle. Earlier in August, the PSC approved $169 million in construction costs for the period from July 1, 2014 to December 31, 2014. Georgia Power officials notified the state Public Service Commission that the completion date would be pushed back 39 months to June 2019 for the first reactor, with the second to follow the following year.
Georgia Power blamed the delays on construction contractor Westinghouse and partner CB&I (NYSE: CBI), saying design errors required a review by federal regulators. Lawsuits between the contractors and Georgia Power may also increase the price tag when it is completed. Analysts have said completing the project would still come out cheaper than stopping and building another power plant, such as natural gas.
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