ATLANTA, Ga. (WJBF)- Georgia Power and contractor Westinghouse have finalized a new service agreement that allows for project management of the expansion at Plant Vogtle to be transferred from contractor Westinghouse to Georgia Power and Southern Nuclear, which is also a subsidy of Southern Company.
The service agreement is, however, subject to approval from the Westinghouse Board of directors, among other entities, includes bankruptcy court.
Georgia Power has also entered into a new agreement with Toshiba, the parent company of Westinghouse, that affirms the value of Toshiba’s guarantee of $3.68 billion. The U.S. Department of Energy has approved the agreement.
The agreement also establishes that the $3.68 billion in parental guarantees Toshiba pledged to the project are due in October. It also includes access to Westinghouse’s intellectual property needed for the project.
The agreement will go into effect pending the bankruptcy court’s approval and rejection of the current Westinghouse contract.
The interim agreement, which allows construction to continue at Plant Vogtle reactors 3 and 4, has been extended through June 22.