The construction of Plant Vogtle units 3 and 4 continues to be well-managed and is progressing toward Georgia Power's goal of providing a safe, reliable, clean and cost-effective source of electricity that will provide stable prices and improve Georgia's neighborhoods and communities for generations to come.
The new Vogtle units will further the achievement of both our nation's goal of energy independence, and our customers' goal of a diverse, cost-efficient portfolio of electricity sources.
Just as our customers depend on us to deliver reliable, affordable energy that is cleaner and safer, we are committed to making a prudent investment on behalf of our customers.
The new Vogtle units represent one of the largest and most capital intensive infrastructure projects currently underway in the United States, representing a $5 billion capital investment by Georgia Power. More than 5,500 workers are currently on the Vogtle 3 and 4 site. The facility has increased the tax base of Burke County as well as the state of Georgia and will continue to do so by creating over 800 full-time, highly skilled and highly paid careers, which will have a compounding effect on the local economy.
This project is projected to have less of an impact on Georgia Power customer rates than originally anticipated. Originally certified assuming a 12 percent increase in customer rates, the overall impact on customer rates is currently projected to be 6 to 8 percent at peak due to financing and other benefits of the project that Georgia Power has proactively pursued, and the fuel savings of nuclear, with 4.4 percent already in rates and an estimated 2.2 percent remaining, totaling 6.6 percent.
Georgia Power estimates that the incremental cost to complete the facility presents more than $3 billion in savings for customers compared to natural gas combined-cycle generation.