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OFFON

SOUTHERN COMPANY

(SO)
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Vogtle Nuclear Plant in Georgia Faces More Construction Delays

06/08/2021 | 11:27am EDT

By Russell Gold

The only nuclear-power plant under construction in the U.S. is facing delays and additional costs. Again.

Earlier this week, an engineering expert working for the Georgia Public Service Commission testified that the startup of the Alvin W. Vogtle Electric Generating Plant would likely be delayed until the summer of 2022 and cost $2 billion more than expected.

Southern Co., the Atlanta-based utility building the nuclear-power plant, didn't immediately comment on the testimony. Chairman and Chief Executive Thomas A. Fanning recently pushed back the plant's scheduled start of generating electricity from November 2021 until early 2022. Last month, he said at the company's annual shareholder meeting that testing of the equipment to ensure the plant was safe "may take a few weeks longer than our original plan."

Vogtle has been beset by numerous delays and cost overruns. It was originally scheduled to open in 2016, and the total cost of the two planned Vogtle reactors tops $27 billion -- more than double the initial estimates approved by state regulators in 2008.

The problems finishing Vogtle have damped enthusiasm for what was hailed a decade ago as a possible nuclear renaissance in the U.S. Today, the facility located near Augusta, Ga., highlights the financial and industrial difficulty of building a new nuclear-power plant in a country that hasn't completed a new one in three decades.

(END) Dow Jones Newswires

06-08-21 1327ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -0.42% 34935.47 Delayed Quote.14.63%
SOUTHERN COMPANY -0.92% 63.87 Delayed Quote.4.93%
All news about SOUTHERN COMPANY
07/30SOUTHERN : UBS Adjusts Southern Co.'s Price Target to $72 From $67; Buy Rating K..
MT
07/29SOUTHERN : Earnings Document
PU
07/29SOUTHERN CO : Results of Operations and Financial Condition (form 8-K)
AQ
07/29Southern Co's 2Q Profit Slips; Adjusted Earnings Beat Analysts' Expectations
DJ
07/29SOUTHERN : Q2 Adjusted Earnings Per Share, Revenue Gain
MT
07/29SOUTHERN CO. : Q2 Earnings Snapshot
AQ
07/29The Southern Company Reports Earnings Results for the Second Quarter Ended Ju..
CI
07/29SOUTHERN : Management's discussion and analysis of financial condition and resul..
AQ
07/29SOUTHERN : Earnings Flash (SO) SOUTHERN COMPANY Posts Q2 Revenue $5.19B, vs. Str..
MT
07/29GEORGIA POWER : announces revised schedule, cost forecast for Vogtle units 3 & 4
PR
More news
Financials (USD)
Sales 2021 22 064 M - -
Net income 2021 3 412 M - -
Net Debt 2021 53 653 M - -
P/E ratio 2021 19,6x
Yield 2021 4,10%
Capitalization 67 627 M 67 627 M -
EV / Sales 2021 5,50x
EV / Sales 2022 5,36x
Nbr of Employees 27 839
Free-Float 99,7%
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Technical analysis trends SOUTHERN COMPANY
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TrendsBullishNeutralBullish
Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 19
Last Close Price 63,87 $
Average target price 66,76 $
Spread / Average Target 4,53%
EPS Revisions
Managers and Directors
Thomas A. Fanning Chairman, President & Chief Executive Officer
David P. Poroch Chief Financial Officer & Executive Vice President
Martin Bernard Davis Chief Information Officer
Mark Berry Head-Research & Development
Stanley W. Connally Executive Vice President-Operations
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