From the Associated Press, via EnergyCentral Professional: "Georgia Power won approval Tuesday from the state Public Service Commission to build two new nuclear reactors near Augusta, which could be the first new nuclear project to break ground in the country in three decades. The $14 billion expansion project at Plant Vogle is set to begin construction in 2011 and is scheduled to be completed in 2017. The PSC voted 4-1 Tuesday to certify the proposal from Georgia Power, a subsidiary of Southern Co. The U.S. Nuclear Regulatory Commission must also sign off. Supporters called the proposed expansion a "green" alternative to meet the state's growing energy needs.  ‘It is clean. It is safe and it has become the least expensive form of (power) generation in our state,’ Commissioner Stan Wise said.”

Also according to the Associated Press: “The first step in the federal review by the Nuclear Regulatory Commission has already begun. A decision on Georgia Power's request for an early site permit could come by the year's end.” 

I’m not sure where the AP gets it information that the NRC might approve this application by the end of the year.  The NRC already already is sitting on 16 other applications and the environmental crowd is applying all the pressure it can to prevent any from being approved.  We can only hope the AP knows what it is talking about here.

The Georgia PUC also approved a financing system which had been enabled by the Georgia Legislature about a month earlier. This plan allows Georgia Power to begin to collect some $1.6 billion in costs from ratepayers six years before the reactors go online.  That means ratepayers would see their electric bill rise by an average of $1.30 a month in 2011. Those rates will gradually rise until customers see an additional $9.10 a month on their bill in 2017.  That’s a doable figure for the general public.

This is the type of financing plan that needs to be approved to get more nuclear plants built.  Rates would go up to pay for the expansion either way. The financing plan eases the rate increase in gradually, rather than having customers see their bills jump sharply once construction is completed.

I’m proud of my home state for advancing a plan that has a good chance of keeping the lights on at a cost that is affordable.  Of course, the plan has vicious opposition from the usual assortment of so-called “green” activists who pretty much are the tail wagging the dog at the national level.  Whether they and their supporters in Washington ever will allow Georgia’s common-sense approach to the massive problems facing the industry nationwide to go into effect remains to be seen.  There is virulent opposition to this type of construction and financing in Washington, all the way to the White House.  Al Gore is sure to be livid.

But if the two new reactors do get built, Californians and New Englanders and folks from some other parts of the country are welcome to apply for temporary visas to come South to see what reliable electric power used to look like in their states.

Ken Silverstein’s column today, written by Richard Schlesinger, included this paragraph,: “As long as credit remains tight, companies facing big capital expenditures could be under pressure going forward.  On the other hand, utilities in regulated markets that can pass through capital costs could actually benefit from the economic slowdown. Commodity costs are down and labor is readily available. Metz believes that for a utility in a regulated state with a strong relationship with its regulator, this could be an opportune time to expand nuclear capacity, especially if an existing site is ripe for expansion.”  This is exactly the situation in the Peach State.  Welcome to Georgia!