Westinghouse bankruptcy puts $8.3B in federal loan guarantees for Vogtle plant at risk

 · Electric utility firm The Southern Company SO, together with other co-owners of the Vogtle Project, recently requested for additional federal loan guarantees, extending the $8.3 million loan.

That is why we are here – to consider the impact of the Westinghouse bankruptcy. extension of loan guarantees from the Department of Energy (DOE) that reflect the new cost projections. Construction.

The $800 million in third-party financing Westinghouse secured to protect its core businesses during reorganization may not be enough, a group of northeast utilities told a bankruptcy court..

This recommendation was based on the results of a comprehensive schedule, cost-to-complete and cancellation assessment that was prompted by the bankruptcy of Westinghouse. the DOE loan guarantee to.

"It’s a go" at Plant Vogtle, despite $12 billion in federal taxpayer-backed nuclear loan guarantees at risk of default As Southern Alliance for Clean Energy (SACE) has reported , the georgia public service commission has voted unanimously to proceed with the Vogtle 3 and 4 new reactor construction project in Waynesboro, GA, on the banks of the.

But Plant Vogtle does employ about 900 people in the Waynesboro area. The bankruptcy could leave the plants’ owners saddled with costs Westinghouse can’t cover. The projects are already years.

The recommendation was based on the results of a comprehensive schedule, cost-to-complete and cancellation assessment launched following the Westinghouse bankruptcy. from federal production tax.

Utilities say Westinghouse loan puts their reactor construction at risk. Westinghouse filed for bankruptcy in March, blaming billions of dollars of cost overruns at two nuclear power plants it.

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 · In June 2008, the Department of Energy (DOE) issued a solicitation for new nuclear reactor projects to apply for $18.5 billion in loan guarantees under its Title XVII Loan Guarantee Program, which was originally authorized by the Energy Policy Act of 2005.

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 · Developers of a troubled nuclear plant in Georgia are seeking more federal support for the project, potentially increasing a record $8.3 billion loan guarantee it has already been promised.

In a news release, Westinghouse attributed its bankruptcy filing to "financial and construction" challenges with its AP1000 reactors at both Plant Vogtle and a second project in South Carolina.

The Chapter 11 bankruptcy filing by Westinghouse Electric Co. raises questions about four unfinished nuclear reactors, two at Vogtle in Georgia and others in South Carolina.