Most fees for nuke plant would go to investors, not debt

[bananas]

http://www.ajc.com/downtown/content/metro/stories/2009/02/23/ga_power_nuclear_financing.html

Most fees for nuke plant would go to investors, not debt
Under bill, Georgia Power customers pay now for future reactors

By MARGARET NEWKIRK

The Atlanta Journal-Constitution

Monday, February 23, 2009

Most of the $1.6 billion in early financing fees that Georgia Power wants to charge customers for additional nuclear reactors would go to the company’s shareholders, and not to finance debt.

On Monday, Georgia Power confirmed figures presented by a legislative critic of its early financing measure, Senate Bill 31.

State Rep. Don Wix, D-Mableton, tried and failed to amend that bill to exclude the $1 billion he estimated would flow to shareholders, if SB 31 is passed.

<snip>

Until Monday, the “financing costs” referred to in the bill were widely understood as interest on the company’s construction debt.

<snip>