Relates to MEAG Bonds:
December 14, 2012 – Southern Co. has had a simple message for the past few years: The effort to build the country’s first new nuclear power plant in a generation was on time and on budget. Now, that message is changing. The $14 billion project to build two reactors at Plant Vogtle is trending hundreds of millions of dollars over budget and trailing more than a year behind schedule, according to a report from a state-hired construction watchdog. Now top-ranking utility executives are saying quality counts more than cost. Much rides on the project. Industry officials ranging from Fanning to U.S. Energy Secretary Steven Chu acknowledge it’s a test for whether the nuclear industry can construct new plants without the chronic delays and cost overruns seen in the last round of construction decades ago.