Southern Company Requests $3.7 Billion from Toshiba to Finish Vogtle
http://www.power-eng.com/articles/2017/05/southern-company-requests-3-7-billion-from-toshiba-to-finish-vogtle.htmlSouthern Company CEO Thomas Fanning has said the company needs $3.7 billion and cooperation from Toshiba to finish the Vogtle nuclear plant expansion in Georgia, the Wall Street Journal reported.
The plant was being constructed by Toshiba’s now-bankrupt Westinghouse subsidiary. Fanning said he wasn’t certain Toshiba can finish the half-built reactors, even with the extra money.
“We are working with Toshiba to receive complete assurance as to the $3.7B guarantee that they owe us, whether we finish the project or not,” Fanning said.
Though Toshiba said it has $5.8 billion in parent-company guarantees on Westinghouse’s behalf, the company hasn’t specified which portion, if any, has been set aside for Vogtle.
The Wall Street Journal indicated Southern has only agreed to continue paying for construction through May 12, and will conclude negotiations with Toshiba in the next two weeks.
Southern subsidiary Georgia Power has also objected to a proposed $800 million bankruptcy loan to Westinghouse, objecting to the potential of the lender putting a lien on the power plant....
