Georgia Power, represented by Mercer Thompson, receives $3.4 billion Dept. of Energy conditional loan guarantee commitment for new nuclear units.
On February 16, 2010, President Obama and DOE Secretary Chu announced that DOE has awarded Georgia Power Company a conditional commitment for a DOE loan guarantee of up to $3.4 billion to fund in part Georgia Power's 45.7 percent share of construction costs for two new nuclear units, Plant Vogtle Units 3 and 4, to be constructed at the Plant Vogtle site near Waynesboro, Ga. The award of the conditional commitment was the first ever for a nuclear power plant and is intended to help spur a renaissance in America's nuclear power industry. Vogtle Units 3 and 4 are expected to be the first new nuclear power units constructed in the United States in more than 30 years. Along with Georgia Power's portion of the two, 1,100-megawatt reactors, the remaining ownership is split among Oglethorpe Power Corporation, the Municipal Electric Authority of Georgia and the City of Dalton Utilities. Mercer Thompson Principal, John Mercer, has acted as lead outside counsel for Georgia Power in its application to and negotiations with DOE for the loan guarantee commitment. Mercer Thompson Principal, John Lamberski, a former nuclear licensing engineer, has acted as the lead lawyer for drafting and negotiating a turnkey EPC agreement for the two Westinghouse AP1000 generating units -- the first engineering, procurement and construction agreement for new nuclear units in the United States in more than 30 years.
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