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Toshiba completes $3.68B payments for Vogtle nuclear expansion

Toshiba Corp. has completed the payments of $3.68 billion to the Alvin W. Vogtle nuclear plant co-owners after delivering the final installment of $3.2 billion, according to a Dec. 14 release.

Georgia Power Co. has received approximately $1.47 billion as its proportionate share of the payments. The other co-owners of the Vogtle project are Oglethorpe Power Corp., Municipal Electric Authority of Georgia and Dalton Utilities.

In addition to Toshiba payments, the DOE announced in September conditional commitments for up to $3.7 billion in loans for the Vogtle expansion project, of which Georgia Power's share is $1.67 billion. Including expected customer benefits from federal production tax credits, interest savings from loan guarantees from the DOE and the fuel savings of nuclear energy, Georgia Power estimates Vogtle's peak rate impact to its retail customers at approximately 10%, with 5% related to the project already in rates, which is less than original projections of approximately 12%.

Georgia Power is a subsidiary of Southern Co.