Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

U.S. NRC launches investigation at Southern Georgia Vogtle 3 nuclear unit

Published 06/21/2021, 03:27 PM
Updated 06/21/2021, 05:50 PM
© Reuters.

(Reuters) -The U.S. Nuclear Regulatory Commission (NRC) said Monday it launched a special inspection at Southern Co (NYSE:SO)'s Vogtle nuclear power plant in Georgia to identify what led to remediation work at the third unit, which is under construction.

The NRC said its team will focus on the electrical cable raceway system, which is designed to prevent a single event from disabling redundant safety-related equipment. Southern's Georgia Power said NRC staff indicated that the special inspection would focus on the company's construction remediation work related to electrical commodity installations.

Southern has said the two units under construction at Vogtle, which are billions of dollars over budget and years behind schedule, were on track to enter service next year with Unit 3 in the first quarter of 2022 and Unit 4 by its regulatory-approved in service date of November 2022.

The NRC said the remediation work on the electrical cable raceway system did not cause any risk to the public since there was no fuel in the plant.

Vogtle 3 will be the first new reactor in the United States since 2016. The two units at Vogtle are the only U.S. reactors under construction.

Delays and cost overruns in building reactors could make it difficult for new nuclear to play much of a role in President Joe Biden's goal of getting all U.S. power from non-carbon-emitting sources like nuclear and renewables by 2035.

When Georgia approved the Vogtle expansion in 2009, the two 1,117-megawatt Westinghouse AP1000 reactors were expected to cost about $14 billion and enter service in 2016 and 2017.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Some analysts estimate costs have ballooned to more than $27 billion due to delays related to a nuclear accident at Japan's Fukushima plant in 2011 and the 2017 bankruptcy of Westinghouse, the project's former contractor.

Southern now estimates the capital cost for its 45.7% share of the new Vogtle reactors at about $8.8 billion.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.