Japanese industrial group Toshiba has reached an agreement with Georgia Power (part of the Southern Company) on the construction of two nuclear reactors, units 3 and 4, at Vogtle in Georgia (United States). Under the terms of the agreement, Toshiba's guarantee obligation is capped at US$3.68bn and payments will be Georgia Power (Southern Company).
Toshiba's subsidiary Westinghouse is the engineering, procurement and construction (EPC) contractor for both the Vogtle and VC Summer projects in the United States and assumes full responsibility for all AP1000 projects and the nuclear integrated services business. The company has been hit by financial setbacks from the projects (additional costs of US$4bn) and finally filed for bankruptcy in March 2017, listing assets of US$4.3bn and liabilities of US$9.4bn among about 35,000 creditors.
Two AP1000 reactors rated 1,117 MW each are also under construction at Vogtle and are expected to be commissioned in 2019 and 2020, respectively. Two similar units should be commissioned in 2019 and 2020 at VC Summer in South Carolina. Toshiba is still in negotiations with South Carolina Electric & Gas Company (SCE&G), the owner of the VC Summer project, on its guarantee obligations and payment schedules.
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