Southern decides against federal loan for Kemper coal plant
Published: April 3,2013
KEMPER COUNTY — The Southern Co. has withdrawn plans to seek a federal loan guarantee for the power plant its subsidiary Mississippi Power Co. is building in Kemper County.
A spokesman for Atlanta-based Southern says Mississippi Power can borrow money elsewhere at a lower rate than available under the loan from the U.S. Department of Energy, cutting the costs of the plant.
The company had applied for up to $1.5 billion in bonding authority to help finance the plant, whose costs are approaching $3.3 billion. Spokesman Tim Leljedal says the withdrawal is not related to recent actions taken by Mississippi to raise rates for the plant.
Southern says it’s still pursuing up to $3.4 billion in loan guarantees for the two additional nuclear reactors it’s building at Plant Vogtle near Augusta, Ga.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- WILLOUGHBY: Bernie Reed cites hard work as key to success of Reed’s Metals
- Half century of memories — Christmas on Deer Creek to celebrate 50th anniversary
- Analyst: KiOR Columbus plant may end up sold as scrap
- (UPDATE) Gov. Bryant: $1.2 billion aluminum plant is a very exciting proposition for the state of Mississippi
- Ex-MDEQ leader Fisher joins Butler Snow
- Gulf oil rig explosion kills one worker, injures three
- Can Metrocenter rise from the ashes? Again
- Prescott leads field for Conerly Trophy as state's best football player
- Former MDEQ Executive Director Trudy Fisher joins Butler Snow
- Federal appeals court: State's abortion law is unconstitutional