Southern Company gets substantial profits from utility customers paying in advance for “clean coal” in Kemper County, MS and for new nukes at Plant Vogtle on the Savannah River in Georgia. As long as SO can keep raking in those profits, it has incentive not to get on with distributed solar power.
Kristi E. Swartz wrote for the AJC 27 July 2011, Southern Co.’s profits up on nuke finance fees,
A fee added to Georgia Power bills to help finance a planned nuclear plant expansion also helped parent Southern Co. post an 18 percent profit gain in the second quarter.
The $3.73 monthly fee offsets financing costs for two proposed nuclear reactors at Plant Vogtle.
Atlanta-based Southern cited it as one of the factors lifting net income to $603.3 million, or 71 cents a share, in the April-June quarter compared with $510.2 million, or 62 cents a share a year earlier. Profits were also helped by a hot early summer, the company said.
Back then SO CEO Tom Fanning said,
“The whole issue is to preserve schedule and costs,” Fanning said.Continue reading