Georgia Power, the largest affiliate of electric utility firm, Southern Company (SO), reported updates relating to the continuous improvement in the manufacturing of nuclear units 3 and 4 of Plant Vogtle. Georgia Power added that the development has advanced significantly during 2013.
On Mar 2013, concrete of roughly 7,000 cubic yards was provided for the basemat of Unit 3. Following this, the reactor vessel for Unit 3 and the deaerator for Unit 4 have been delivered. Moreover, the CR10 cradle module has been placed in the island of nuclear Unit 3.
Additionally, rebar has been installed in the auxiliary building walls of Unit 3. Included in the update, the mudmat has been placed in the island of nuclear Unit 4. The basemat rebar has also been installed for Unit 4. Alongside, the containment vessel bottom head was placed for the nuclear project.
Georgia Power reveals that the development is expected to increase the company’s economic value by $4 billion. Moreover, Georgia Power employed 5,000 workers during the peak manufacturing period of the project. In addition, 800 jobs are believed to be created once the units start operating. In Georgia, this project is believed to generate the highest number of jobs.
The two units are expected to come online by 2017 and 2018 and are estimated to add total capacity of above 2,200 megawatts.
For commercial operation of the project, Georgia Power has already initiated employment. Training is also being provided to the newly hired employees.
Georgia Power an investor-owned, tax-paying utility. Moreover, Georgia Power has been providing electricity to Georgia for more than a century at rates well below the national average.
Headquartered in Atlanta, GA, Southern Company is one of the largest generators of electricity in the nation, serving both regulated and competitive markets across the southeastern U.S.
However, with approximately a third of Southern Company’s total retail sales coming from industrial customers, a sluggish economy severely affects the fortunes of Southern Company, as compared to other utilities that are less dependent on the industrial component.
Southern Company currently carries a Zacks Rank #3 (Hold), implying that it is expected to perform in line with the broader U.S. equity market over the next one to three months.
Meanwhile, one can have a look at electric utility stocks like Brookfield Infrastructure Partners LP (BIP), Integrys Energy Group Inc. (TEG) and Northwestern Corp. (NWE) that offer value. All the stocks sport a Zacks Rank #2 (Buy).