Latest news with #PlantVogtle
Yahoo
20-05-2025
- Business
- Yahoo
In new agreement, Georgia Power says it won't raise rates for 3 years – but there's still a catch
Georgia Power said it has reached an agreement with the Public Service Commission that should keep your electric bills stable for the next three years. That's good news for customers who have faced six different rate hikes since 2023 to pay for fuel costs, Plant Vogtle, and more. In a statement released on Monday, Georgia Power said: 'This stipulated agreement helps balance the affordability needs of our customers while ensuring Georgia Power remains equipped to continue its support of our state's incredible growth.' Stone Mountain's Steve Barrett told Channel 2's Richard Elliot that he thinks inflation hit everyone hard, so he says he'll take any help he can get. 'I think that's a good deal. I think that for so long, that we've been overpaying for them to like, say, they're going to give us a break now, and we're hoping it lasts a long time,' Barrett said. But, like most deals, this comes with a catch. TRENDING STORIES: Cobb Co. teacher, wife accused of denying their children food and bathroom, confining them Judge approves request to move trial of Colin Gray, father of Apalachee High shooting suspect State health department confirms new measles case in Georgia Under the agreement, Georgia Power can still come to the PSC and ask for an increase if it needs to recoup costs related to Hurricane Helene damage -- damage that costs more than $800 million. Still, some like Marcus Spitzer, from Tucker, thinks Georgia Power will still find a way to get the money back to pay for overruns on Plant Vogtle. 'I don't believe it,' Spitzer told Elliot. 'Why don't you believe it?' Elliot asked Spitzer. 'Because they have to pay for that nuclear plant,' Spitzer said. But Doraville's Josh Olsen said he'll take what he can get because inflation is awful. 'It hasn't been great, so any help on the bills is definitely appreciated,' Olsen said. This deal must still be approved by the Public Service Commission, but it's expected to do so at a future meeting.
Yahoo
25-03-2025
- Business
- Yahoo
JEA electric and irrigation customers face steep rate hikes
The JEA Board of Directors will vote Tuesday on a series of steep rate increases over the next two years, most notably targeting electric and customers who water their lawns. >>> STREAM ACTION NEWS JAX LIVE <<< [DOWNLOAD: Free Action News Jax app for alerts as news breaks] Homes that use potable (drinking) water for irrigation, will see a massive 50% increase per month that the utility says impacts about 33,000 of its approximate 500,000 customers. The utility is also proposing a combined increase for all customers for electric and water usage of $16.03 per month - $4.61 in 2025 and $11.42 in 2026. Electric bills could increase even more because JEA's electric usage estimate of 1000 kWh per month is less than the actual average of 1060 kWh per household to go along with a new more expensive second tier for electric. Finally, the utility is narrowing Tier 1 irrigation usage from up to 14,000 gallons to 7,000 gallons, which will likely push customers into more expensive Tier 2 rates. The utility says it is raising rates in part because of its multi-billion dollar two-decade commitment to buy electricity from Plant Vogtle in Georgia which has become a burden to the utility and ratepayers which current CEO Vickie Cavey appeared to have played a role. Action News Jax Ben Becker first reported in 2024, Cavey's resume from 2001-2012 said she was 'responsible for negotiation and management of all power purchase agreements' for JEA, which suggests the inclusion of the Plant Vogtle contract that did not have a cap to hedge against various market forces. The project turned out to be seven years behind schedule and will cost JEA customers approximately $5 billion. Cavey's hiring as interim CEO in April 2024 led to an Office of Inspector General Investigation regarding possible Sunshine Law violations by the board which the State Attorney's office later determined there was no criminal conduct although the whistleblower told Becker it was a 'B.S. cover-up job.' In February, Cavey received a raise to $700,000 per year after becoming the full-time CEO. Under Cavey, the utility has agreed to increase its yearly contribution to the City of Jacksonville by more than $120 million over the next five years as well as pick up $32.5 million of the costs to raise power lines over the St. Johns River to help JAXPORT attract larger ships – both moves that received push back from former CEO Jay Stowe before he resigned under pressure [SIGN UP: Action News Jax Daily Headlines Newsletter] Click here to download the free Action News Jax news and weather apps, click here to download the Action News Jax Now app for your smart TV and click here to stream Action News Jax live.
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Korea Herald
18-02-2025
- Business
- Korea Herald
[Kim Jong-hoon] US-South Korea nuclear cooperation
The age of the AI transformation is upon us, driven by profound breakthroughs in AI technology. Entire industries and societies are poised for disruption by innovations such as ChatGPT, with the United States standing at the forefront of this transformation. Yet these extraordinary strides come with a formidable challenge: the explosive demand for energy to power the AI data centers that enable such growth. According to Reuters, energy consumption by AI data centers in the US is expected to triple by 2028, accounting for as much as 12 percent of the nation's total electricity supply. Given this significant strain on the power grid, nuclear energy is becoming more critical as a key energy source to address this challenge. Unlike intermittent renewables such as wind and solar, nuclear power offers a stable, continuous supply capable of satisfying the demand of energy-intensive infrastructures such as AI data centers. Despite this potential, however, nuclear power plant construction in the US is progressing much more slowly than expected. Plant Vogtle in Georgia, for instance, was delayed by over seven years with excess costs ballooning to about $20 billion, while the VC Summer expansion project in South Carolina was abandoned at 40 percent completion after drawing investments worth $10 billion. Similar setbacks have plagued nuclear projects in other nations. Electricite de France's Flamanville 3 in France and Finland's Olkiluoto 3 suffered delays extending over a decade and costs exceeding the tens of billions. These cases highlight the complexity and unpredictability of nuclear projects, underscoring the need for more efficient and cost-effective alternatives. On the other hand, South Korea is globally recognized for its competitive nuclear power plant construction. What the nation brings to the table is its unparalleled ability to deliver projects on time and on budget. The successful completion of four APR-1400 reactors for the Barakah Nuclear Power Plant in the UAE within the agreed timeframe and budget stands as a testament to South Korea's efficient supply chain management and robust project execution. By working together, South Korea and the US can alleviate uncertainties in construction and execute stable, cost-effective nuclear projects. Moreover, strengthening nuclear cooperation between the US and South Korea is essential for energy security. The US currently relies on Russia for 25 percent of its enriched uranium -- a clear vulnerability in its nuclear supply chain that can be readily addressed through Korea-US cooperation. Resuming the High-Level Bilateral Commission on nuclear energy would be a critical step in that direction. The HLBC serves as the official platform for coordinating bilateral nuclear policies, engaging in far-reaching discussions on technological cooperation, supply chain stabilization and nonproliferation. Jumpstarting these talks will enable our two nations to successfully complete nuclear projects on the basis of our close cooperation while solidifying our leadership in the future nuclear market. If the US and South Korea cooperate, the two nations could not only secure leadership in nuclear construction within the US but also in the global market. With the US providing the technological expertise and funding, and South Korea demonstrating its proven capabilities in engineering, procurement and construction, we can ensure the effective rollout of large-scale light-water reactors and small modular reactors. Not only will this partnership guarantee reliable energy that is so crucial in the era of AI but it will also help respond to the growing global demand for nuclear power. US-South Korea nuclear cooperation will be a strategic alliance that goes beyond mere industrial collaboration, helping to design the energy security and economic future of both nations. The revival of the HLBC will be a vital step toward advancing this collaboration and resolving the energy demand in the Age of AI while positioning both nations as leaders in the global nuclear energy industry.
