Dive Summary:

• Southern Company, which runs Georgia Power, is withdrawing its request to charge customers an extra $737 million to pay for cost overruns at the Vogtle nuclear power plant in eastern Georgia.
• The company is restricted from asking the Georgia Public Service Commission (PSC) for these type rate hikes until 2017, when the first of its two new nuclear reactors is complete. The company will instead ask to recoup $209 million already spent on the project between July and December 2012.
• The PSC approved the project's initial budget of $6.1 billion but costly overruns have led to lawsuits which likely won't be settled for another few years.

From the article:

“…number of lawsuits regarding how the extra construction expenses are being incurred should be settled by 2017 so there is at least a possibility the overruns may not be as high.”