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Ga. utility closer to US loans for nuclear plant

Published on NewsOK Modified: May 14, 2014 at 8:52 am •  Published: May 14, 2014

ATLANTA (AP) — A power company in Georgia appears a step closer to getting government-backed loans for a new nuclear power plant.

The U.S. Nuclear Regulatory Commission recently let the Municipal Electric Authority of Georgia change its ownership structure for its 23 percent stake in two nuclear reactors under construction at Plant Vogtle (VOH'-gohl).

Like the other owners, MEAG is seeking federally subsidized loans to cover its share of the more than $14 billion construction project.

MEAG is financing its costs through three series of bonds backed by sales agreements. Before offering loans, MEAG and federal officials wanted to change the ownership structure to reduce the risk that a big customer might fail to pay, upsetting the overall project.

NRC officials said MEAG and the U.S. Department of Energy are still negotiating final terms.