The Department of Energy is expected to announce the long-awaited approval of federal loan guarantees for new reactors at the Vogtle nuclear plant today.
An anonymous source told National Journal that Energy Secretary Ernest Moniz will announce final approval of two guarantees totaling $6.5 billion, with an additional $1.8 billion still pending. The Energy Department declined to comment before the official announcement.
Three weeks ago, Southern Co. CEO Thomas Fanning announced the company had filed the paperwork for the guarantees but did not provide totals. Southern has negotiated with the DOE since 2010 to take part in the Section 1703 program for clean energy technologies. In the meantime, Vogtle has seen significant progress on the construction of two Westinghouse AP1000 units at the plant near Augusta, Ga. The cost for both is estimated at $14 billion, and they are scheduled to come online in 2017 and 2018.