Tag Archives: Southern Company

Vogtle nuke loan deadline extended for third time

We don’t know the federal cost estimates or the terms and conditions or why Plant Vogtle just got another three month extension on that $8.33 billion federal loan guarantee.

Rob Pavey wrote for the August Chronicle yesterday, Federal loan guarantee offer for Vogtle expansion extended again,

The owners of Plant Vogtle have secured — for the third time — an extension to allow further negotiation with the U.S. Energy Department over its 2010 offer of up to $8.3 billion in federal loan guarantees to help finance two new nuclear reactors.

Georgia Power and co-owners Oglethorpe Power and Municipal Electric Authority of Georgia were conditionally approved in February 2010 for loan-guarantee financing, in which the government promises to assume a company’s debt if the company defaults. However, the details were never agreed on. Two extensions have since expired, with the most recent deadline — June 30 — passing without any formal agreement in place. Jeannice M.W. Hall, a Southern Co. spokeswoman, said in an e-mail Wednesday that the new extension sets a Sept. 30 deadline for completing the loan guarantee arrangements.

With Southern Company’s stock already downgraded because of Kemper Coal and Plant Vogtle, after S&P’s downgraded SO’s credit, and with still more cost overruns at Kemper on top of Vogtle being 19 months late and a billion dollars over budget, as Gloria Tatum asked back in May, why is SO gambling on nuclear instead of solar?

If you’re tired of this, you can ask DoE Secretary Ernest Moniz to revoke that loan.

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Coal and natural gas cost effective vs. energy efficiency, wind, and solar power? –Stephanie Coffin @ SO 2013-05-22

SO CEO Tom Fanning is a true believer in “all of the above”, yet a skeptic about natural gas. However, he really doesn’t have much faith in renewables, as he indicated at the 22 May 2013 Southern Company Stockholder Meeting and even more strongly in the Wall Street Journal.

retirees and stockholders in the room wonder about the $13 million salary --Stephanie Coffin This question is from Stephanie Coffin of Atlanta, Georgia, and she holds 18 shares of stock.

TF: Hello, Stephanie.

SC: How are you, Tom?

TF: Dynamite. How are you?

your income --Stephanie Coffin SC: Last year, I came to this meeting to ask a question and to listen to the Southern Company reports. And so before I came I got to thinking about what has changed since the last meeting. I think two things, and then I’ll ask my question.

The first is the chairperson’s salary increased 34 percent, over $13 million a year. I’m sure the retirees and stockholders in the room wonder about the $13 million salary and see that as negative PR in the face of continuing recession. $13 million a year, most of us are on fixed income. I mean, your income My income --Stephanie Coffin is fixed, too, but it’s very high. Mine is pretty low and we all have to pay electric bills.

The second change, and then I’ll ask my question, is that now 70 — 97 percent of all scientists believe that climate change — that is, global warming — is real and caused by human activity and this is a big shift. Last year we were the climate deniers, we’re in control, and now 97 percent of all scientists say it’s real, it’s coming, you better get ready. In the face of this scientific consensus the Southern Company has maintained its reliance on fossil fuels, mountaintop coal, old coal plants and pushing nuclear power with huge wattage demands and the dangers of nuclear wastes.

While I applaud the Southern Company’s baby steps Continue reading →

More cost overruns at Southern Company’s Kemper Coal in Mississippi

Why all these overruns? All sorts of excuses about everything but bad management and it was a bad idea in the first place. Does anybody believe this coal plant will be completed anywhere near on time? Why not stop wasting money on it and invest in solar and wind instead?

Only a few months after the last cost overruns, Jeff Amy wrote for AP 2 July 2013, Miss. Power: More overruns at Kemper power plant: $4.45B price tag latest estimate,

The unit of Atlanta-based Southern Co. told stockholders on Monday that an ongoing review of costs at the coal-fired plant initially has identified at least another $160 million in cost increases.

Mississippi Power spokeswoman Amoi Geter said Southern Co. shareholders would absorb any cost increases. The parent company was hit with $540 million in charges in April, although the after-tax cost to shareholders was lower. In a January settlement with Mississippi regulators, the company agreed to shield customers from further cost increases.

The overruns could push the cost of the plant, adjoining lignite mine and associated pipelines to $4.45 billion. That’s more than $1.1 billion above original estimates.

It’s only supposed to produce 582 megawatts if ever completed. SO could have already built far more solar and wind power for that $4.45 billion, on time and on budget.

Why is Plant Ratcliffe Kemper IGCC so late and so expensive?

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Why are you gambling on nuclear instead of solar? –Gloria Tatum @ SO 2013-05-22

Why is SO gambling our health and dollars on Plant Vogtle when Georgia Power could be getting on with solar power? SO CEO Tom Fanning avoided the first part of Gloria Tatum’s question by simply denying it, and danced around the second part by saying the rate hike for Plant Vogtle’s cost overruns would only be 6 to 8 percent, not 12 percent. Do you want to pay 6 or 8 percent more for a radioactive white elephant when you could be getting power from the sun for less?

The floor person at the 22 May 2013 Southern Company Stockholder Meeting introduced Gloria Tatum with 164 shares, representing Nuclear Watch South, and the SO CEO insisted

TF: Call me Tom. Gee whiz.

Gloria Tatum GT: Tom. Hi,Tom. It’s great to be here on this beautiful day.

TF: Thank you. Yes ma’am.

GT: And I know Southern Company’s done many wonderful things, but I want to point out a few things to you today.

First, you know, after the Fukushima meltdown, TEPCO’s $50 billion nuclear complex became a worthless liability. The deadly radiation still circles the planet, polluting the earth and increasing cancer. Other countries have abandoned their nuclear and they’re looking to renewable, but Southern Company’s affiliate, Georgia Power, continues construction on two new nuclear reactors at Plant Vogtle. Now Shell Bluff is a community down the stream from Plant Vogtle and it has experienced a 25 percent increase in cancer since Vogtle 1 and 2 have been built.

Another problem with Vogtle Continue reading →

Georgia Power wants more of your money to pay for its bad bets

It’s the annual Georgia Power rate hike, blaming everything except coal and nukes.

Georgia Power PR 28 June 2013, Georgia Power seeks cost recovery for infrastructure investments,

Georgia Power today asked the Georgia Public Service Commission (PSC) for permission to increase its base rates approximately $482 million, or 6.1 percent. The request is being made to allow the company to recover the costs of recent and future investments in infrastructure —including environmental controls, transmission and distribution, generation, and smart grid technologies — required in order to maintain high levels of reliability and superior customer service.

The proposed change in rates would be effective Jan. 1, 2014.

What a coincidence! One year to the month after the last rate hike. Once again blaming “smart grid technologies, environmental controls”, etc. Much more likely, this has to do with the recent downgrades of Georgia Power’s parent the Southern Company, and those were for coal and nukes. As Adam Smith said two centuries ago, “utilities levy an absurd tax upon the rest of their fellow citizens”.

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Southern Company downgraded because of coal and nukes –two analysts

It’s not like they weren’t warned, about coal and about nukes. It’s not Standard & Poor’s this time, but that could happen soon, too. SO’s biggest part, Georgia Power, is neck-deep in nukes, as Edison Electric Institute’s warning about the disruptive challenge of distributed solar starts to affect its parent’s stock price.

Zacks.com wrote 21 June 2013, Southern Company Slips to Sell – Analyst Blog

On Jun 20, Zacks Investment Research downgraded electric utility firm, Southern Company ( SO ), to a Zacks Rank #4 (Sell).

Why the Downgrade?

Continue reading →

Sun dancing as a Georgia Trend

GSEA, GaSU, Georgia Power, and even me are quoted in a Georgia Trend feature about solar power in Georgia. As Mahatma Gandhi is alleged to have said when asked his opinion of western civilization: “that would be a good idea!”

Jerry Grillo wrote for Georgia Trend July 2013, Sun Dancing: As Georgia’s solar capacity shoots skyward, a new state utility is proposed,

It’s the sun, the sol of our solar system, to which everything that lives and moves, including the wind, owes its existence. Without the sun, there is no us, no Earth. You can’t miss it. It’s the biggest thing in the sky, the biggest thing for at least 24 trillion miles, and at 4.5 billion years old it is middle-aged and remains the most abundant source of power between here and Alpha Centauri, zapping our planet every minute with more energy than humanity can consume in a year.

The best thing is, the sun is free. Still, for most of those eons, capturing the sun’s energy for human consumption has been like picking crops with a catcher’s mitt.

But over the past few years, photovoltaic technology (“photo” for light, “voltaic” meaning electricity) has gotten way more efficient, and the previously prohibitive price has fallen dramatically, setting the stage for what’s happening now in Georgia: Solar deployment and interest are increasing dramatically.

“This is a very dynamic time for solar energy, and it demonstrates a pent-up demand and interest in solar energy for Georgia,” says Mark Bell, chair of the Georgia Solar Energy Association (GSEA) and president of Atlanta-based Empower Energy Tech-nology. “There’s a great potential here for real, sustainable economic development.”

Grillo was pretty thorough in getting a range of points of view (with the notable exception of Georgia Sierra Club), and the whole article is well worth reading.

Among the things I told Grillo back at the beginning of May, I’m especially glad he included this:

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Interactive charts: U.S. nuclear power reactors (NRC data)

Why are all these “dependable” baseload capacity nukes down so much? LAKE: NRC Power Reactor Status See for yourself in these interactive graphs of NRC Power Reactor Status. They’re in Google annotated timeline format, with all the zoom and pan features used by Google finance for stock charts. But these Reactor Status charts show seven years of daily NRC power percentage data. Want to see last month, six months, any 7 days, or some other period? Now you can, for all 104 reactors, including the ones recently removed by NRC from status because they’ve closed permanently.

You can view your own local reactors in any of 20 charts. Why so many graphs? Google annotated timeline charts apparently were meant for comparing a few stock prices, and don’t handle more than about seven curves well. But you can see things in these graphs that are hard to spot in NRC’s daily tables.

Example: Southern Nuclear Operating Co., Inc. (Alabama, Georgia)

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Brother and sister students speak truth to Georgia Power’s PSC

It’s elementary, they said:

Our future is in your hands.
Please approve Georgia Power’s coal plant retirement. Encourage them to move further beyond coal, investing in clean renewable energy that can drive our economy and save our generation.

Jim Ries wrote for One More Generation 23 June 2013, Please Switch to More Renewable Energy,

Carter and Olivia were invited to speak during the Georgia Public Service Commission IRP Hearing. Our friends from the Sierra Club and from Greening Forward asked Olivia and Carter to speak and to share their concerns with regards to the fact that GA Power is still focusing on burning more coal as opposed to switching to alternative power solutions like wind and solar.

As a monopoly, Georgia Power is Continue reading →

Nukes siphon funds from solar and wind –Jill Stein

It’s refreshing to see cogent criticism with a minimum of personal attacks. While I think President Obama’s climate speech was indeed the best by any president ever, that bar is low, and there is substantial room for improvement.

PR from Green Shadow Cabinet yesterday, RELEASE: Obama’s climate proposals fall dangerously short, ignore time-critical opportunity to revive the economy,

Dr. Jill Stein, the Green Party’s 2012 presidential nominees noted, “You can’t give your child an ‘all of the above diet’ with toxic lead and arsenic, and think that adding some spinach and blueberries is going to make it OK. Likewise, reducing carbon pollution from coal does not make fracking, tar sands oil, deep water and Arctic drilling OK. The climate is spiraling into runaway warming. Obama’s promotion of cheap dirty fossil fuels makes coal regulations just window dressing on a disastrous policy.”

In addition to its broad concerns on fossil fuel use, Continue reading →