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Thursday, November 29, 2012

Vogtle over budget, behind schedule

And all the players are fighting each other, suing each other, contradicting each other.....sure when something make no economic sense, that is what we should expect.  Sheesh when a $200M plant like Kewaunee is shutting down for economics, why would a $14000M plant like Vogtle make any sense?

It doesn't
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From PowerGen Magazine

The addition of two new nuclear reactors at the Vogtle plant in eastern Georgia could be completed a year or more behind schedule say the lead contractors on the project, the Atlanta Journal Constitution reports.
Georgia Power, a subsidiary of Southern Co. (NYSE: SO), disagreed with the contractors, The Shaw Group (NYSE: SHAW) and Westinghouse Electric Corp., insisting that a delay is not inevitable while conceding that any delay could lead to higher consumer utility bills. Georgia Power blames worker training, increased oversight and stiffer regulatory requirements for throwing the project off schedule, which the company expects could cost an additional $100 million.
Westinghouse and the Shaw subsidiary are also suing Georgia Power and the co-owners of Vogtle for breach of contract due to additional construction costs. They say Georgia Power is responsible for at least half of the costs.
The new reactors under construction at the Vogtle plant are the first new reactors built in the United States in three decades. Regulators are thus keeping a particularly scrutinizing eye on the project, Georgia Power said.

3 comments:

  1. Hey stock -

    Did you read this article by simplyinfo.org

    "US Fed Investigators Probe Nuclear Company, Seize Assets"

    "Alternate Energy Holdings Inc is the subject of a US Department of Justice investigation and the US Securities & Exchange Commission has asked a federal judge to seize the company’s assets.

    The company is down to its final 2 million USD and the CEO just resigned.

    In 2007 the company received $3.5 billion USD in credit from Cobblestone Financial Group. In 2010 pro-nuclear blogger Rod Adams touted the company as a great investment, declared that he had invested in it and that critics simply didn’t see the true vision of the plan."

    Read the rest here:

    http://www.simplyinfo.org/?p=8348


    ReplyDelete
    Replies
    1. Thats a good one. Nukers are liers and scammers out of the gate, now combine them with local politics and the stock market, and what do you get...a lot of people swindled.

      Delete
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