Southern Co. said an accelerated schedule to receive the remaining $ 3.2 billion in parental guarantees from Toshiba Corp. for two reactors under construction at Georgia will help your case to continue with the project.
Georgia's Southern Power unit, which owns a 46 percent stake in the Vogtle plant, will receive approximately $ 1.47 trillion of the total. The project owners, which include Oglethorpe Power Corp., the Municipal Electric Authority of Georgia and Dalton Utilities, have received $ 455 million so far from Toshiba.
Southern said Toshiba will provide the remaining payments before December 15, according to a  statement on Tuesday by the Atlanta-based company. Under a previous agreement, Toshiba would have distributed the payments until 2020 after its Westinghouse Electric Co. unit withdrew from the project after filing for bankruptcy in March.
Southern shares, which fell as much as 1.3 percent, recovered and were off 0.2 percent at $ 50.24 as of 10:57 a.m. In New York.
The agreement comes at a critical time for Southern as it seeks permission from Georgia regulators to complete their reactors after delays and total costs have risen to more than $ 25 billion. Last week, the staff of the Georgia Public Service Commission said the project no longer made economic sense to customers unless Southern shareholders absorbed millions in cost overruns.
"We are pleased to have reached this constructive agreement with Toshiba regarding the guarantees. The Vogtle project and each dollar will be used to benefit our customers," said Paul Bowers, president of Georgia Power.