JACKSON, Miss. (AP) — Mississippi Power Co. says it's likely to miss another deadline on its Kemper County power plant and to have to repay $250 million in tax credits to its parent company.
The unit of Atlanta-based Southern Co. announced Friday that it likely won't complete the $7 billion plant its building in eastern Mississippi until January.
That means Mississippi Power must borrow $250 million from Southern Co. to repay federal tax credits already claimed. However, a filing says Southern Co. won't have to repay to the IRS.
The plant and associated coal mine were originally supposed to cost $2.9 billion at most, with earliest estimates lower. It was supposed to be finished by May 2014.
Customers could be asked to pay as much as $4.2 billion more, if regulators approve.
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