The Georgia Senate passed legislation this afternoon, by a vote of 38 to 16, that would allow Georgia Power to recover costs early for two new nuclear reactors at Plant Vogtle, near Augusta.
Georgia Power and advocates of the legislation say Senate Bill 31 would save ratepayers more money by paying off $1.6 billion interest before the plant goes online, anticipated to be in 2017.
“If only that were true,” said Jason Pye, the Libertarian Party of Georgia’s Legislative Director. Pye points to the Public Service Commission’s staff analysis which shows that SB 31 will hurt ratepayers, completely sidesteps the authority of the PSC, forces current ratepayers to subsidize future customers, and takes incentive away from Georgia Power to finish the project on time due to the transfer of risk away from investors to consumers.
“We are not opposed to private investment in nuclear energy, in fact, we encourage it,” Pye said. “However, we believe that Georgia Power, which is not in any financial danger despite company talking points, should not use government to take risk off investors and stick it to customers.”
Daniel Adams, Chairman of the Libertarian Party of Georgia, said, “Republicans are pushing this bill. It’s stunning how beholden they are to corporate interests. Just because something may be ‘good for business’ doesn’t mean it is good for taxpayers or consumers.”
The Libertarian Party of Georgia opposes Senate Bill 31 and encourages members of the Georgia General Assembly to carefully view the facts before casting a vote on this legislation.
