Georgia Power, Oglethorpe Power, MEAG Power and Dalton Utilities voted to continue construction of two new nuclear units at the Vogtle station in Georgia.

The co-owners also agreed to finalize and execute what a joint press release called “definitive agreements which helps mitigate financial exposure” for each of them.

(Read Georgia Power's filing with the U.S. Securities and Exchange Commission on the deal.)

Under terms of the agreement, each Vogtle owner agreed to pay its share of construction costs based on its ownership interest. Those costs were agreed to be capped at the estimated cost of completion, which reports suggest could be as high as $28-$30 billion. An additional $800 million in contingency costs was also agreed to.

(Read "War of Words Erupts as Vogtle Partners Seek a Way Forward.")

Georgia Power agreed to be responsible for 55.7% of any construction costs that exceed the contingency and up to $1.6 billion. The other Vogtle owners would be on the hook for 44.3% of those costs, based on their ownership interests.

If costs exceed the cost estimate by up to $2.1 billion, Georgia Power would cover 65.7% of the overrun. The other owners would cover the remainder. For cost overruns in excess of $2.1 billion, the co-owners would have a one-time option to turn over their interest to Georgia Power. In exchange, Georgia Power would agree to pay 100% of that co-owner’s remaining share of construction. Georgia Power also would have the option of canceling the project.

If the actual costs are less than the most recent estimates, and the units enter service in November 2021 and November 2022, then Georgia Power could collect 60.7% of any cost savings. The other co-owners would be entitled to the remaining savings.

The new units are the only new nuclear units currently under construction in the U.S. They are expected to enter service in November 2021 (Unit 3) and November 2022 (Unit 4).