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Southern company new nuclear plant8/9/2023 Southern is targeting 50% renewables as part of its net-zero goal but sees the need for new technologies to help meet its target. "I think the United States certainly is adopting a net-zero carbon posture," Fanning said. The company is targeting net-zero greenhouse gas emissions by 2050. When it comes to its future generation mix, Southern projects that it will achieve a 50% reduction in carbon emissions by 2025, ahead of its 2030 target. "Based on results to date, we expect total COVID-19 impacts to be approximately $300 million for the full year." "Our retail sales projection for the full year is unchanged with the expected overall decline in the range of 2% to 5% on a weather-normal basis," Evans added. However, the timeline to full recovery for both sectors remains uncertain." "The trend for both commercial and industrial customer classes is markedly better relative to the trough last spring. "As you would expect, we're still seeing a slight uplift from the residential sector due to people working from home," Executive Vice President and CFO Andrew Evans said on the call. Southern, like the utility sector as a whole, also has been impacted by a decline in retail sales brought on by the COVID-19 pandemic. READ MORE: Sign up for our weekly coronavirus newsletter here, and read our latest coverage on the crisis here. Southern reported that its earnings through the first nine months of the year were "significantly impacted" by a $149 million pretax charge, or $111 million after taxes, for "an estimated probable loss" on Georgia Power's construction of Vogtle units 3 and 4. The company plans to increase productivity on Unit 4 after moving workers around to focus on Unit 3, management said. "While the site has experienced and managed through two waves of COVID-19, we expect the pandemic will present continued challenges as we work towards completion," Fanning said. In Southern's third-quarter earnings presentation, it said Georgia Power's share of the total current project capital cost forecast is $8.53 billion, with an estimated $1.61 billion to complete construction. The Georgia PSC has just begun its review of Georgia Power's 23rd semiannual Vogtle Construction Monitoring report, in which the utility said its share of the total project cost increased to $8.5 billion from $8.4 billion during the first half of 2020. Georgia Power announced in late June that it rescheduled planned activities at the site, which has been directly impacted by the COVID-19 pandemic. The independent Vogtle Monitoring Group said in a June 5 filing with the Georgia Public Service Commission that Southern Nuclear is "highly unlikely" to meet the regulatory approved in-service dates for Vogtle units 3 and 4. "We continue to utilize an aggressive site work plan for Unit 4 as a tool to provide margin to its regulatory-approved in-service date of November 2022 with a current targeted in-service date of June 2022," Fanning said. The overall completion rate for units 3 and 4 at the nuclear expansion project in Waynesboro, Ga., is 88%. "That work plan projects in service as early as the third quarter of 2021, which provides approximately two to three months of margin to the November regulatory-approved in-service date." "e anticipate our next major milestone, hot functional testing, to start in January 2021 followed by fuel load in April of 2021," Fanning said. Georgia Power owns 45.7% of the nuclear plant, with Southern Nuclear Operating Co. announced that the construction of Unit 3 at the Vogtle plant is 94% complete following the successful completion of cold hydro testing. The call was held about 10 days after Southern subsidiary Georgia Power Co. "In the next five years, 10 years, I don't know whether Southern will be or not." ![]() ![]() "This nation has to stay invested in nuclear," Fanning said. Southern also is exploring the "next generation" of nuclear projects, including small modular reactors. Our next nuclear unit is probably in the 30s to 40s, would be my guess." "Now, when we think about our projections, we have some pretty clear plans about how to transition the fleet. 29 on the company's third-quarter 2020 earnings call. "It's very clear that nuclear needs to be a part of this nation's energy profile going forward," Southern Chairman, President and CEO Thomas Fanning said Oct. ![]() Vogtle Nuclear Plant online in the third quarter of 2021, ahead of its approved November 2021 in-service date, and the company is not ruling out plans for future nuclear investments after the expansion project is complete. Construction continues in September on Unit 4 at the Alvin W.
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