Dec 19 (Reuters) - Georgia utility regulators on Tuesday approved a request by Georgia Power to pass an additional $7.56 billion onto customers to cover cost overruns at its Vogtle nuclear reactors project.

The Vogtle two-unit expansion project has been hailed as a major milestone for the U.S. nuclear power industry, which some see as a key way to transition to cleaner energy sources. But the project's reactors arrived seven years late, and its total costs have ballooned to $30 billion, more than double initial projections.

In July, Unit 3, the first from the project to come online, became the newest reactor in the U.S. to enter commercial service. Unit 4 is slated for completion in the first quarter of 2024.

Average charge to costumers will be approximately 5% higher in the month after Unit 4 goes into commercial operation, a company filing shows.

"We believe this decision by the Georgia PSC (Public Service Commission) acknowledges the perspectives of all parties involved and takes a balanced approach that recognizes the value of this long-term energy asset for the state of Georgia and affordability needs for customers," a company spokesperson said.

Georgia Power, a unit of Southern Co (SO.N), has a 45.7% stake in the Vogtle reactors. It provides electricity to 2.7 million customers in the state.

https://www.reuters.com/business/energy/regulator-lets-georgia-power-lift-rates-cover-cost-overruns-2023-12-19/