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DOE announces 'historic' loan package to Southern Company for new plant construction, upgrades
The Department of Energy has announced a “historic” $26.5 billion loan package to Southern Company subsidiaries, aimed at delivering over $7 billion in electricity cost savings to customers in Georgia and Alabama. The funding will support the construction or upgrade of over 16 gigawatts of firm power, including new gas generation, nuclear license renewals, hydropower modernization, battery storage, and transmission enhancements. This loan package is expected to reduce Southern Company’s interest expenses by over $300 million annually.