Nation's first new nuclear plant expected to secure $6.5 billion in federal loan guarantees

[bananas]

Source: Associated Press

The Energy Department is poised to approve $6.5 billion in federal loan guarantees for the first nuclear power plants built from scratch in this country in more than three decades.

Energy Secretary Ernest Moniz was expected to announce final approval of the deal at a speech on Wednesday, a day before he visits the $14 billion Vogtle nuclear plant now under construction in eastern Georgia.

Three government officials familiar with the deal confirmed its details Tuesday. They asked not to be identified because the deal has not been made public.

<snip>

Georgia Public Service Commissioner Stan Wise said state officials have been invited to a signing ceremony Thursday. He had not been briefed on the terms.

<snip>

Government officials familiar with the deal said two loan guarantees totaling $6.5 billion will be offered to Georgia Power, a Southern subsidiary, and Oglethorpe Power Co., a partner on the project. A separate agreement guaranteeing $1.8 billion was still being negotiated with a third Vogtle partner, the Municipal Electric Authority of Georgia.

Read more: http://www.dallasnews.com/business/energy/20140218-energy-department-ready-to-approve-6.5-billion-in-loan-guarantees-for-nation-s-first-nuclear-plant-in-three-decades.ece?nclick_check=1

---

This is a huge step backwards.
The loan application period was extended seven times - they should never have allowed that.

[bananas]

1. Reuters: National Press Club on Wednesday at 12:30 p.m. EST.

http://www.reuters.com/article/2014/02/19/us-usa-nuclear-loan-idUSBREA1I01O20140219

U.S. to announce $6.5 billion loan deal for Southern Co nuclear plant

By Ayesha Rascoe

WASHINGTON Tue Feb 18, 2014 7:36pm EST

<snip>

The conditional agreement totaling $8.3 billion provided loan aid to Southern's Georgia Power unit as well as project co-owners Oglethorpe Power and Municipal Electric Authority of Georgia (MEAG).

While loan assistance to Georgia Power and Oglethorpe will be finalized Wednesday, the $1.8 billion loan guarantee to MEAG remains outstanding.

The Department of Energy said on Tuesday that U.S. Energy Secretary Ernest Moniz would make a major announcement about the administration's "all of the above" energy strategy and a "path toward a low carbon energy future" at the National Press Club on Wednesday at 12:30 p.m. EST.

The department declined to comment about the specifics of the announcement.

<snip>

[wordpix]

17. GA Pub Service Commissioner doesn't know the terms of the deal - yeah, RIIIGHT---his share is BIG

whatever the deal is. And so is Obama's, who originally proposed $60 billion in guaranteed loans for building these nukes.

snip: "Georgia Public Service Commissioner Stan Wise said state officials have been invited to a signing ceremony Thursday. He had not been briefed on the terms. "

[peoli]

2. What a fucking joke!

[Le Taz Hot]

3. The Obama Administration

strikes again! Let's see how the apologists spin this one.

[warrant46]

8. It won't be long now until they open their pie holes

Its disgusting

[wordpix]

18. I can't agree more---they're to blame as much as Lindsey Graham and the rest

[Triana]

4. This is nothing but a testimony to human stupidity and greed. n/t

[newfie11]

5. Unfreaking Believable!

[Tom Rinaldo]

6. But it's a wasteful Government imposed program if we provide subsidies for Solar

I predict that not a single national Republican nor tea party group will utter a word against this example of "government picking winners and losers against the free hand of the market".

[Bonduel]

10. If it goes bankrupt like the solar companies then

you might see some complaining, but I don't think this nuclear plant will go bankrupt. This is a good investment IMO

[Tom Rinaldo]

13. Nuclear plants would all be bankrupt if it weren't for federal liability guarentees

Or in most cases they wouldn't even exist. And no companies could have afforded the massive R&D costs of developing nuclear power if weren't for off the charts military spending on nuclear weapons. They are counting on the federal government to solve the waste problems for them also.

[wordpix]

16. correct- the reason these corp's came to the feds for loans is they can't get them privately

Investors won't invest in this risky business. But dummy politicians including Pres. O backed it.

[FBaggins]

19. Really?

Then how did they build as much of it as they have already?

And more importantly... how is the other new plant getting built when the power company isn't interested in the government backing?

[Tom Rinaldo]

20. There would be no nuclear power industry without the Price Anderson Act

It is hard to think of any industry that has ever been as dependent on support from the federal government as the nuclear power industry has been:

https://www.citizen.org/documents/Price%20Anderson%20Factsheet.pdf

[FBaggins]

23. Often repeated... never true.

It's based on the faulty assumption that, without PA, nuclear reactors would have to carry enough insurance to cover a worst-case accident. This would be too expensive and thus they would never be built.

That simply isn't the case. No industry is required to carry sufficient insurance to cover the worst imaginable event. In reality, nuclear plants carry more insurance due to PA than they would be likely to carry without it.

[Tom Rinaldo]

24. Are you suggesting that the nuclear industry feels PA is placing an unfair burden on them?

It almost sounds like that is how you are spinning it. Yeah right. I'm sure they pulled out all of the stops to kill it but those pesky environmentalists shoved it down their throats.

[FBaggins]

25. Of course not

It had definite advantages... just not existential ones..

[saidsimplesimon]

7. This is not good news for Democrats. Where will

they dispose of the waste? What is the source of water for cooling?

I thought Georgia was suffering from a water shortage? More of the bipartisan profit at all cost climate deniers? "When will we ever learn?"

[Lost_Count]

9. Jobs, power and infrastructure...

Sounds good...

[wordpix]

15. huge financial risk on the public's back, known safety/environ'l issues with this industry

Epic FAIL

[peoli]

11. this is so so so so so so so so so so x 1 million, stupid.

[Steerpike]

12. Keep this in mind

It only takes one nuclear accident to ruin your whole day...

[wordpix]

14. all profits to big corp's, all risks to the American public

This should never have been approved but it's the way things are done in the good ol USA and Obama approved

[jsr]

22. Everyone chill the fuck out. It's all good.

[jsr]

21. With cost overruns, they'll need $65 billion

[democratisphere]

26. Fantastic!! Finally we're building NEW nuclear power plants in the USA!

It has been way to long; hope this is the first of many more to come!