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Obama To Grant $8B Nuclear Power Loan

From a quietly outraged Reuters:

Obama to announce loan help for nuclear power

By Tom Doggett, Mon Feb 15, 2010

WASHINGTON (Reuters) – The Obama administration, advancing nuclear power use to help cut greenhouse gas emissions, will announce on Tuesday an $8.3 billion loan guarantee to help Southern Co build two reactors, a government official told Reuters.

The reactors are in line to be among the first nuclear generating facilities to win U.S. government approval in three decades.

The official said on Monday that President Barack Obama would announce the loan guarantee after he tours a jobs training center in Lanham, Maryland, where he will discuss new government investments to create energy jobs and develop a low carbon economy.

Energy Secretary Steven Chu will travel with the president when he makes the announcement, said the official, who was familiar with the loan guarantee deal for Southern, but did not want to be identified…

The $8.3 billion loan guarantee would commit the federal government to paying a portion of the private loans Southern would take out for the project in case the company defaulted on those loans.

A spokesman for Southern said the loan guarantee would cover up to 70 percent of the company’s portion of the project’s costs. He said the company would provide more details on Tuesday.

Southern applied to the Nuclear Regulatory Commission in March 2008 to build two reactors at the company’s Vogtle nuclear power plant in Georgia, which already has two reactors. The Vogtle plant is about 170 miles east of Atlanta.

Southern says it expects to receive license approval for the new reactors next year…

The two reactors, which some experts estimate will cost $8.8 billion to build, could be in service in 2016 and 2017.

The project would create 3,500 jobs during construction and 800 high-paying jobs when finished…

Nuclear power generates about 20 percent of U.S. electricity supplies…

This is welcome news, of course. But we remain very dubious about these two new plants coming online anytime within our lifetime. — Thanks to our environmental friends.

Still, as we have oft observed, just think how many nuclear plants could have been undertaken just using the money from Mr. Obama’s first stimulus package. Almost 200?

(The US only has 104 nuclear power plants in operation at the moment. And, as the article notes, they provide more than 20% of our nation’s electrical power.)

Think of the number of long term and highly skilled and high paying jobs that would have created and saved.

Think of what a tremendous boost this would have been to the economy, to know that we would eventually have such abundant low cost energy.

Think of the message it would have sent to the Middle East. Think of how much such a giant step would help us ‘heal the earth.’

Instead, the $787 billion went to the Democrats’ re-election fund.

This article was posted by Steve on Tuesday, February 16th, 2010. Comments are currently closed.

6 Responses to “Obama To Grant $8B Nuclear Power Loan”

  1. GetBackJack says:


    Criminal fraud or so stupid you can’t tell the difference, you pick, because … promoting nuclear power at the same time as CLOSING Yucca Mountain (our national nuclear waste facility)???

    (stumped for answer)

  2. GetBackJack stole my thunder.

    The Obama administration, with Harry Reid’s eager support, slashed Yucca’s budget and plan to close it down in 2010.

    A mixed message with dubious motives, at best.

  3. Rusty Shackleford says:

    These nuclear power plants will NEVER happen. It’s more of the shelllgame. 8 billion Obama-bucks from his stash…for something that will get tied up in litigation, be delayed, delayed, delayed while Barry and the Deaftones can claim how “outside” forces are hamstringing his most fervent desires to produce “clean, efficient energy”. (So “It’s not myfault”)

    Nothing this guy does is anything more than a street corner serenade. ie: Let’s look at his “accomplishments” to-date. See list that follows.


    (Wanton destruction of capitalism and takeover of private businesses do not count as accomplisments. Only things that improve our nation as a whole)

  4. proreason says:

    This is just another example of taking all sides of an issue at the same time.

    Depending on how the wind blows, he will sincerely and believably (to his brain-dead followers) point out how he backed the winning side.

    There are hundreds of other examples. A few are:
    – gay marraige
    – Afghanistan
    – Iraq
    – Jobs
    – Executive bonuses

    He’s for and against all of them!!

    • Rusty Shackleford says:

      Shades of Groucho, “Whatever it is, I’m against it” come to mind. Only barry lacks suitable skills to pull off intentional comedy.

  5. Chuckk says:

    You know things are not going well for Obama when he starts doing things that make sense and are good for the country.

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