Georgia Power announced today that it has completed the closing process for $3.46 billion in loan guarantees from the U.S. Department of Energy (DOE) toward the construction of Plant Vogtle units 3 and 4, nearWaynesboro, Ga. By securing the federal loan guarantees, Georgia Power expects to be able to provide $225 million to $250 million in present-value benefits to its customers.  The closing was commemorated at the project site today with U.S. Secretary of Energy Dr. Ernest Moniz joining company leadership for a special presentation and tour of the expansion.

The expansion at Plant Vogtle represents a multi-billion dollar capital investment in Georgia and, when completed, will make Plant Vogtle the only four-unit nuclear facility in the country. The construction of the new units is the largest job-producing project in the state, employing approximately 5,000 people during peak construction and creating 800 permanent jobs when the plant begins operations.

"The agreement with the DOE is an important milestone for the project and one that will create significant savings for our customers," said Paul Bowers, president and CEO of Georgia Power. "The Vogtle units 3 and 4 project is more than 50 percent complete and, when fully operational in 2018, will help to secure the state's energy future and drive economic growth by providing needed energy for new homes and businesses across Georgia for the next 60 years."

"We see ourselves as one part of a team of multiple parts of the private sector and governments needed to see major projects succeed," said Sec. Moniz during today's ceremony. "This energy infrastructure buildout is not only for Georgia, not only for the United States, but for the world."

The construction of Plant Vogtle units 3 and 4 continues to be the most economic choice for meeting Georgia's future energy needs, and the securing of the federal loan guarantees builds on the Company's commitment to pursuing the best financing options for both customers and the project. As a result of the loan guarantees, Georgia Power will have access to lower interest rates for the project than it would otherwise be able to obtain, which will result in savings the Company can pass along toGeorgia customers. The total impact on customer rates once the units are in service is currently projected to be between 6 and 8 percent, substantially less than the 12 percent rate impact originally contemplated for capital costs at the time of project certification in 2009.  This reduction is due to the inclusion of the federal loan guarantees combined with construction work in progress (CWIP) in the company's rate base, relative fuel savings, and eligibility for production tax credits resulting from the completion of major milestones.

The project has marked substantial progress over the past 12 months with milestones including the placement of nuclear concrete for both units 3 and 4, the containment vessel bottom head and the reactor vessel cavity (CA-04 module) for Unit 3, as well as many others. In just a year, the site has undergone significant "vertical progress," and is beginning to mirror the existing units at Plant Vogtle with the Unit 3 cooling tower currently rising more than 200 feet high. The company is also commencing its transition to operations as early as possible, with licensed operator training well underway, as well as other startup activities in preparation to connect to the grid for commercial operation.

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. Georgia Power owns 45.7 percent of the new units with its share of the project currently projected at approximately $6.8 billion, including approximately $2 billion of financing costs to be collected during construction.