{"id":250223,"date":"2025-09-24T00:13:19","date_gmt":"2025-09-24T00:13:19","guid":{"rendered":"https:\/\/www.europesays.com\/us\/250223\/"},"modified":"2025-09-24T00:13:19","modified_gmt":"2025-09-24T00:13:19","slug":"jea-plant-vogtle-cost-overage-now-more-than-jacksonvilles-general-fund-budget","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/250223\/","title":{"rendered":"JEA Plant Vogtle cost overage now more than Jacksonville’s General Fund budget"},"content":{"rendered":"

A deal struck 17 years ago continues to see costs increase.<\/p>\n

No one saw this coming when\u00a0John Peyton<\/strong> was Mayor.<\/p>\n

As the City Council mulls Jacksonville\u2019s first $2 billion general fund budget<\/a><\/strong>, the local publicly owned utility notes a $2 billion-plus hit of its own.<\/p>\n

Per a press release from JEA<\/a><\/strong>, officials at Tuesday\u2019s Board meeting \u201cprovided a deep-dive into the history of Plant Vogtle<\/a><\/strong>, problems during construction years and financial impacts for JEA.\u201d<\/p>\n

\u201cWhen JEA\u2019s board voted to enter into the original Power Purchase Agreement for nuclear power in 2008, the estimated total project cost for Units 3 and 4 was approximately $15 billion, with JEA\u2019s portion estimated at $1.4 billion. Due to numerous issues since then, the actual total cost escalated to over $36 billion, with JEA\u2019s portion totaling approximately $3.5 billion,\u201d the release continued.<\/p>\n

As stated, the utility committed to buying power from Vogtle in 2008.<\/p>\n

\"\"<\/a><\/p>\n

However, the relationship between customer and vendor wasn\u2019t always smooth, as costs exceeded estimates. Delays piled up, and the utility\u2019s credit rating<\/a><\/strong>\u00a0suffered.<\/p>\n

A few years back, when the controversial and now convicted former CEO\u00a0Aaron Zahn<\/strong><\/a>\u00a0was in control, the Federal Energy Regulatory Commission dismissed JEA\u2019s request to intervene in an ongoing dispute with the Municipal Electrical Authority of Georgia over\u00a0Plant Vogtle<\/a><\/strong>\u00a0construction costs.<\/p>\n

JEA\u2019s annual debt service for Vogtle exceeds $170 million, per the release.<\/p>\n

Under the agreement with MEAG, JEA will receive 206 MW for 20 years (through 2043 for Unit 3 and 2044 for Unit 4).<\/p>\n

Rates continue to rise periodically. But JEA said this year it \u201cexpects to continue to offer the lowest overall utility costs among major cities across Florida.\u201d<\/p>\n

\"\"<\/a><\/p>\n


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