When Plant Vogtle unit 3 finally delivers commercial electricity to the Georgia power grid, it will be the first nuclear reactor the country has built from scratch in more than three decades. The 1,100-megawatt Vogtle unit 3 was initially supposed to enter service in 2016. Georgia Power, the utility driving the project, most recently said it would start commercial operations in July after the latest delay caused by a degraded seal in its main generator. The $14bn original cost of Vogtle units 3 and 4 has now ballooned to more than $30bn. The cost for Georgia Power, with a 45% share of the project, will be about $15bn. Related: Pricey Things
- Date Posted:
- July 31, 2023
Not only has real per-capita consumption recovered to pre-COVID levels, but it has actually broadly returned to its pre-COVID trend at the fastest pace of any modern recession—in stark contrast to the permanent scars on consumption left by the 2008 recession. In fact, growth in real consumption of durable goods has not only vastly exceeded the pre-pandemic trend but briefly caught up with the pre-Great Recession trend, and remains high even as it hasn’t grown in several years. The 2010s saw durable goods’ share of spending sink by roughly 3% in 3 years and barely recover afterward. Not until the pandemic did durable goods consumption spending climb back to its pre-recession share of household budgets. That meant more than a decade of, effectively, household underinvestment in some of the most-important big-ticket items that provide long-term welfare and enhance people’s economic productivity—and that is being partially undone today.