Oglethorpe Power receives offer of DOE nuclear loan guarantees

16 February 2010 - Oglethorpe Power Corporation has been notified by the U.S. Department of Energy (DOE) that it is being offered a conditional commitment for federal loan guarantees to help fund its participation in Units 3 and 4 of the Alvin W. Vogtle Nuclear Plant near Waynesboro, Ga. Oglethorpe Power is a 30 percent owner of Plant Vogtle's existing Units 1 and 2 and will own 30 percent of the two new units as well.

The loan guarantee announcement was made by President Barack Obama and Energy Secretary Steven Chu in a Tuesday ceremony in Lanham, Md.

Thomas A. Smith, President & CEO of Oglethorpe Power, said the loan guarantees will help keep costs lower for Oglethorpe Power's participation in the new Vogtle units by allowing the corporation to obtain funds for up to 70 percent of its estimated $4.2 billion cost for the new units at favorable rates from the Federal Financing Bank. Oglethorpe Power will seek other sources of funding for the remaining project costs, including the issuance of taxable bonds, along with tax-exempt bonds for qualifying equipment at the plant.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs