CPS Energy writes off $391.4 million from South Texas Project nuclear expansion
Source: San Antonio Express-News
CPS Energy revealed Wednesday it has written off $391.4 million in costs associated with its partnership of the unbuilt — and highly criticized — Units 3 and 4 of the South Texas Project nuclear plant.
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Longtime opponents of the nuclear expansion said CPS Energy made the correct move to write off its costs so far.
“CPS’ decision shows that proposed nuclear reactors are worthless. There's no market for their rate raising, high-cost, high-risk power,” Tom “Smitty” Smith of Public Citizen’s Texas office in Austin said in an email. “The proposed reactor price tag rose from $5.9 billion to $18.2 billion, even before a license was ever issued. Delays, construction problems and lawsuits are the norm for nuclear reactors. They cost so much that even with all the federal subsidies, no bank will loan money to build them. CPS did the smart thing and wrote off this worthless investment.”
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Read more: http://www.expressnews.com/business/local/article/CPS-Energy-writes-off-391-4-million-from-South-6852804.php