Green Mountain, the company that owns and operates Georgia’s electric grid, announced on Monday that it has agreed to invest nearly $1 billion in Georgia’s power grid.
The deal, which includes the purchase of Georgia’s most advanced nuclear power plant, Georgia Power Plant, and a significant stake in the state’s next generation nuclear reactor, will increase Green Mountain’s power production capacity to roughly 30 gigawatts by 2030, according to a statement from the company.
Green Mountain also said that it will also establish a $200 million research and development fund to fund new technologies that will improve energy efficiency and power production.
Green Mountains CEO and co-founder and CEO Mike Lacey said in the statement that the company has a “robust pipeline of projects” that are “ready to begin commercial production of its nuclear power plants.”
In a statement, Georgia Governor Nathan Deal said, “This deal represents a significant step forward for Georgia’s economy and our energy security, as it ensures that we will have the capacity to generate enough electricity for our residents and businesses in the future.” “
Our nuclear power project in Georgia is an example of our long-term commitment to sustainable energy and climate leadership.”
In a statement, Georgia Governor Nathan Deal said, “This deal represents a significant step forward for Georgia’s economy and our energy security, as it ensures that we will have the capacity to generate enough electricity for our residents and businesses in the future.”
He said that the deal also represents a strong endorsement of the state as a leading power producer.
“Georgia is a leader in clean, safe, and reliable power generation, and I’m proud to welcome Green Mountain to the state, which has a strong record of investment in renewable energy,” Deal said.
Georgia’s new nuclear reactors are currently operating at Georgia Power’s Vogtle Nuclear Generating Station, which is located in Georgia and is part of a state-owned utility.
In August, Georgia Gov.
Nathan Deal signed a bill that required the state to invest a total of $1.8 billion into the state-run Vogtle facility.
Georgia Power, which owns the Vogtle plant, will also be providing a $150 million grant to Georgia’s Green Mountain subsidiary, which will invest $150,000 into Green Mountain and the Georgia Power Nuclear Power Plant.
The $1,000 million grant is contingent on Georgia making a $1 million investment in Green Mountain.
Deal added that the state would also be investing in the development of advanced nuclear reactor technology in Georgia.
“I believe Georgia is a great place to develop the next generation of nuclear power, which can help our economy, our environment, and our citizens while helping Georgia provide a stable, secure supply of energy,” he said.
“Green Mountain will be a leader on this exciting and innovative new energy industry.”
Green Mountain has a long history of building nuclear power in Georgia, as well as in the United States, as a result of the nuclear fuel cycle and the use of the nation’s first nuclear reactor at Savannah River Site.
In 2013, Georgia’s nuclear industry announced that the plant had reached its operating limit, and the plant shut down in 2016.
The plant was designed to produce a total power output of 30 gigawatt-hours, or enough electricity to power up to 20 million homes and businesses, and was designed as an alternative to the more expensive coal-fired power plants that currently power much of Georgia.
Green Valley’s nuclear power is currently in service at the Voglevnik Plant, which was constructed in the late 1970s and has a capacity of 20 gigawatts.
The Voglevnik Plant is currently the second-largest nuclear power facility in the world after the Vogle Nuclear Generational Station in Georgia that is located off the Georgia coast.
Georgia is one of four states that have passed legislation in the past several years to allow utilities to buy back nuclear power assets.
In 2017, the Nuclear Regulatory Commission announced that it would begin permitting a nuclear plant to be retired.
The new legislation also allows Georgia’s utilities to purchase up to a 30-year lease on the Vogel nuclear plant, which would allow the utilities to sell the asset to the public for a fee.
A bill that was introduced in Congress in 2018 also extended the term of the Vogles nuclear lease.