The U.S. Nuclear Regulatory Commission (NRC) has approved construction of the nation's first nuclear reactors in more than three decades.
The nuclear watchdog on Thursday approved by a 4-1 vote issuance of the Combined Construction and Operating License (COL) for the construction of two additional reactors in Southern Company's Vogtle site near Waynesboro, eastern Georgia.
Plant operator Georgia Power, a subsidiary of Southern Company (NYSE: SO), said it was the first such license ever approved for a U.S. nuclear plant.
The NRC had frozen construction of new nuclear plants in the United States since the 1979 partial meltdown of the Three Mile Island nuclear plant in Pennsylvania that raised fears of a radiation emission.
Southern Company Chairman, President and CEO Thomas A. Fanning termed the receipt of the COL "a monumental accomplishment for Southern Company, Georgia Power, our partners and the nuclear industry." He pledged to deliver clean, safe and reliable energy to its customers.
The Atlanta-based company expects to deliver to customers more than $1 billion in benefits from the Department of Energy loan guarantees, production tax credits and recovering financing costs during construction. Unit 3 of the nuclear plant is expected to be operational in 2016 and Unit 4 in 2017.
Georgia Power President and CEO Paul Bowers said the reactors would "help ensure a secure energy and economic future for the state (of Georgia)." He said the $14-billion project would create over 25,000 direct and indirect jobs.
Southern Nuclear, a subsidiary of Southern Company, is overseeing construction and will operate the two new 1,100-megawatt AP1000 units for Georgia Power and co-owners Oglethorpe Power Corporation, the Municipal Electric Authority of Georgia and Dalton Utilities.
With 4.4 million customers and more than 42,000 megawatts of generating capacity, Southern Company (NYSE: SO) is the premier energy firm serving the Southeast.
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