Electric Rates -- An Update -- August 15, 2024

Locator: 48425ELECTRICITY.

Much of this was re-posted from earlier because the CNBC folks today were very excited about these new nuclear reactors coming on line, and suggesting this could be the turning point for nuclear energy in the US going forward.

Nuclear reactor: two new units come on line. Absurdly expensive and took "forever" to build. Unit 3 and unit 4 -- big fanfare on CNBC today about bringing these two units online, and "what it might mean for nuclear future in the US" LOL. 

A transformer fire in last 24 hours in Unit 1 was not mentioned, but here's the story.  

The Vogtle plant in Georgia, wiki. The huge cost increase will result in significantly higher utility bills for Georgia customers.

And then this, the absurdly high cost:

Units 1 and 2 were completed in 1987 and 1989. The cost of these two units jumped from an estimated $660 million to almost $9 billion. [28x $660 million = $19 billion.]

Primary construction for Unit 3 began in 2009; completed in July, 2023.

Unit 4 came on line on April 29, 2024.

For units 3 and 4 combined, 2018 price estimates, $25 billion. By 2021, price estimates were almost $30 billion. In 2023, costs had increased to $34 billion, with work still to be completed on Vogtle 4. At $35 billion, 84% more expensive than the units 1 and 2, combined (1.84 x 19 - 35).

Per kWh:
units 1 and 2, combined, $9 billion / 2,430 MW = $3,703,703 / MW
units 3 and 4, combined, $35 billion / 2,106 MW = $16,619,183 / MW

Cost per wiki:

All of this needs to be fact-checked. I often make simple arithmetic errors.

Electric rates tracked here by the EIA. 

Residential electric rates, cents per kWh, May, 2024, for selected states:

• Massachusetts: 28.70
• New York: 23.60
• Ohio: 16.65
• Minnesota: 15.69
• North Dakota: 13.04
• Florida: 13.63
• Tennessee: 12.46
• Texas: 14.74
• Montana: 13.26
• California: 34.31 (no typo) -- it was 29.80 a year ago -- a 15% increase in price!
  
• Washington State: 12.16 (think hydroelectricity)
• Alaska: 25.02
• Hawaii: 44.14 (and a question whether Hawaiian Electric might go bankrupt)
  

Coincidentally, this was posted yesterday: