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

Internal westinghouse document warned South Carolina nuclear reactor construction was ‘at risk’ in 2011. But together with other information, the confidential analysis paints a portrait of a company gambling its future on a foray into the construction business – a roll of the dice that eventually pushed the company into bankruptcy and left South Carolinians potentially holding the bag for two $9 billion unfinished reactors.

"Westinghouse’s bankruptcy has put the future of the Vogtle project in jeopardy, increasing the likelihood that the Vogtle co-owners will default on their DOE-guaranteed loans," Taxpayers for.

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Southern Company’s (SO) Vogtle project requires additional loan guarantee of $1.6 billion from the DOE, extending the $8.3 billion already issued for the project.

"Significant progress has been made on the construction of Vogtle 3 & 4 since the transition to Southern Nuclear following the Westinghouse bankruptcy. to amend the DOE loan guarantee to allow for.

Although the PSC does not regulate the public power owners involved in the Plant Vogtle. Federal Financing Bank lending through a 100% loan guarantee backed by the U.S. Department of Energy. In.

Parent guarantees were put in place to protect Georgia electric customers as part of the original contract for the Vogtle nuclear expansion. The payments will reduce the total cost of the plant for Georgia Power with every dollar received from Toshiba being used to benefit customers.

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In this 2011 photo, construction was underway on two AP1000 nuclear reactors at Plant Vogtle near Waynesboro, Georgia. With the project only about 36 percent complete, lead contractor Westinghouse has declared bankruptcy, leaving the future of that project and another in South Carolina in question.

He warned that taxpayers could still end up on the hook for billions of dollars if the Vogtle project goes belly up. Unlike VC Summer, Vogtle managed to win themselves more than $US8 billion in.

Federal taxpayers could also be on the hook for Vogtle. The project received .3 billion in federal loan guarantees from the U.S. Department of Energy.

The decline of the U.S. nuclear-power industry puts America’s security at risk, according to. Southern Co.’s Vogtle plant in Georgia, are seeking additional aid from the federal government..

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The agreement confirms the value of Toshiba’s guarantee at $3.68 billion. The agreement has been approved by the U.S. Department of Energy (DOE). The agency has a stake in the outcome of the negotiations because it approved an $8.3 billion loan guarantee for the Vogtle project.

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