Vogtle Units No. 3 and No. 4 Construction Project

3 Months Ended

Mar. 31, 2024

Vogtle Units No. 3 and No. 4 Construction Project

Vogtle Units No. 3 and No. 4 Construction Project

Vogtle Units No. 3 and No. 4 Construction Project.  We, Georgia Power, the Municipal Electric Authority of Georgia (MEAG), and the City of Dalton, Georgia, acting by and through its Board of Water, Light and Sinking Fund Commissioners, doing business as Dalton Utilities (collectively, the Co-owners) are parties to an Ownership

Participation Agreement that, along with other agreements, governs our participation in two additional nuclear units under construction at Plant Vogtle, Units No. 3 and No. 4. The Co-owners appointed Georgia Power to act as agent under this agreement. Pursuant to this agreement, Georgia Power has designated Southern Nuclear Operating Company, Inc. as its agent for licensing, engineering, procurement, contract management, construction and pre-operation services.

On July 31, 2023, Georgia Power placed Unit No. 3 in service.

On February 14, 2024, Unit No. 4 achieved self-sustaining nuclear fission, commonly referred to as initial criticality, and on March 1, 2024, the generator successfully synchronized to the power grid and generated electricity for the first time. Georgia Power placed Unit No. 4 in service on April 29, 2024.

Our ownership interest and proportionate share of the cost to construct Vogtle Units No. 3 and No. 4 is 30%, representing approximately 660 megawatts. Our project budget, which includes capital costs and allowance for funds used during construction, is approximately $8.3 billion. As of March 31, 2024, our actual costs related to the new Vogtle units were approximately $8.2 billion, net of $1.1 billion we received from Toshiba Corporation under a Guarantee Settlement Agreement and approximately $404 million we received from Georgia Power.

For additional information regarding our participation in Plant Vogtle Units No. 3 and No. 4, see Note 8 in our 2023 Form 10-K.

Plant Vogtle Unit No. 3 and No. 4 Commercial Operations

For the three months ended March 31, 2024, we sold Georgia Power $12.1 million of nuclear production tax credits and recognized the amount as a credit to the Production expense line item within our consolidated income statements. In 2023, we sold Georgia Power $21.7 million of nuclear production tax credits. No credits were generated or sold during the three months ended March 31, 2023.