JEA is proposing a rate increase in 2024 and borrowing billions of dollars as part of its efforts to offset nearly $5 billion in costs associated with the Plant Vogtle nuclear power plant in Southeast Georgia.
Besides Vogtle, JEA still has rising costs associated with operations & maintenance as well as debt service. The utility said on Tuesday it is considering borrowing more than $4.5 billion to ensure it has additional liquidity but insisted the utility is in sound financial condition.
It’s unclear how much bills go up because of Plant Vogtle, but Action News Jax crunched the numbers and determined it could eventually result in an average monthly bill increase of $40 per month over the next two decades. However, JEA said it’s too early to make that determination since the utility doesn’t officially forecast decades into the future.
Georgia Power Co., Plant Vogtle’s owner, announced in July that Unit 3 has completed testing and is now in commercial operation, seven years late and $17 billion over budget. A fourth reactor is also nearing completion at the site. JEA says it will discuss the proposed rate increase during upcoming meetings with a possible vote in February 2024. If approved, the rate hike would go into effect in April 2024.
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JEA proposing rate hike, borrowing billions as Plant Vogtle starts operationsJEA is proposing a rate increase in 2024 and borrowing billions of dollars as part of its efforts to offset nearly $5 billion in costs associated with the Plant Vogtle nuclear power plant in Southeast Georgia.
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