Vogtle Nuclear Plant Update Moderator: Honorable Greg White, Michigan Panelists: Honorable Lauren “Bubba” McDonald, Georgia Public Service Commission Buzz Miller, President of Nuclear Development, Southern Nuclear

Vogtle 3&4 NARUC Buzz Miller February 16, 2015

Cautionary Note Regarding Forward-Looking Statements Certain information contained in this release is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning projected cost and schedule for the completion of construction, rate adjustments, regulatory approvals, benefits of ongoing construction projects, ad valorem taxes and job creation. Georgia Power Company cautions that there are certain factors that can cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Georgia Power Company; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Georgia Power Company's Annual Report on Form 10-K for the year ended December 31, 2012, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the impact of recent and future federal and state regulatory changes, as well as changes in application of existing laws and regulations; ability to control costs and avoid cost overruns during the development and construction of the Plant Vogtle expansion, to construct facilities in accordance with the requirements of permits and licenses, and to satisfy any operational and environmental performance standards; state and federal rate regulations and the impact of future rate cases and negotiations, including rate actions relating to fuel and other cost recovery mechanisms; regulatory approvals and actions related to the Plant Vogtle expansion, including Georgia Public Service Commission approvals, Nuclear Regulatory Commission actions, and potential U.S. Department of Energy loan guarantees; the inherent risks involved in operating and constructing nuclear generating facilities, including environmental, health, regulatory, natural disaster, terrorism, and financial risks; and the ability of counterparties of Georgia Power Company to make payments as and when due and to perform as required. Georgia Power Company expressly disclaims any obligation to update any forward-looking information. 3

Selecting Nuclear Customers want reliable electricity when they flip the switch Customers do not want volatile bills Constructive regulation in Georgia supports a portfolio of capital investment to best serve customers Increasing EPA regulations are detrimental for fossil fuel Lifecycle cost savings greater than $30B

Focusing on Safety and Quality will ensure this investment improves Georgia’s communities and neighborhoods for generations to come. Priority 1 – Safety & Quality

Two units: 1,117 MW each Technology: Westinghouse AP1000 Owners: Georgia Power Company, Oglethorpe Power, Municipal Electric Authority of Georgia and Dalton Utilities Contractors: Westinghouse and CB&I (formerly Shaw Group) Workforce: ~5500 (currently) When completed, Vogtle 1-4: – Will be the largest nuclear energy facility in U.S. – Will power 1+ million homes and businesses Project Background

AP1000

Vogtle 3&4 – January 2015

Unit 3

Unit 3 – Turbine Island

Unit 4 – Nuclear Island

Unit 3 – Lower Ring Lift

Unit 3 – Lower Ring Set

Reactor Vessel

Main Transformer

Certification Process EPC Contract was reviewed extensively by Commission’s independent monitor during certification Construction Monitor established to advise Commission with full open access during construction Certified amount not adjusted to include contingency/reserves Real-time review by Commission of costs and schedule provided in semi-annual reports & hearings

EPC Contract Executed prior to certification Allocation of risk reviewed extensively in certification process Fixed pricing including labor, bulk materials, and commodities protects customers on Contractor cost additions

EPC Contract Effectiveness Cost Change

Lifecycle Costs Value proposition to customers saves $Billions over life cycle Value remains for customers under various schedule scenarios $2.3B additional customer benefits offset schedule impacts VCM – Vogtle Construction Monitoring

Updated 2/4/2015 Fuel Savings Customer Rates

Updated 2/4/2015 Fuel Savings, CWIP, and Additional Customer Benefits Customer Rates

6-8% Peak Projection Band Customer Rates Fuel Savings, CWIP, and Additional Customer Benefits

Dominant Solution Priority 1 - Safety and Quality Greater than $30B in lifecycle cost savings Remaining customer rate change only 2-3% Solution to environmental regulation