Southern Co to manage construction of Georgia nuclear plant
Southern Co's (SO.N) Georgia Power and Toshiba Corp's (6502.T) Westinghouse have reached a tentative deal to transfer project management of the expansion of a Georgia nuclear power plant to units of Southern Co, Georgia Power said in a statement on Friday.
The interim agreement until June 3 will allow construction of the Vogtle plant expansion to continue, it said.
Westinghouse Electric Co filed for bankruptcy in March, hit by billions of dollars of cost overruns at four nuclear reactors under construction, including at the Georgia project and another in South Carolina.
The new interim service agreement allows Westinghouse to transfer project management to Southern Nuclear and Georgia Power, which are both units of Southern Co, after a current construction contract is rejected in Westinghouse's bankruptcy.
The Georgia project is owned by a group of utilities led by Southern Co.
Source:- http://www.reuters.com/article/us-toshiba-accounting-westinghouse-south-idUSKBN18903T
