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« Trump DOE ups nuclear loans to $12 billion despite multiple investigations | Main | Critics train their sights on Vogtle's future »
Thursday
Aug032017

EXPERTS: V.C. SUMMER FAILURE SHOULD PUT AN END TO STATE AND FEDERAL BAILOUTS FOR NUCLEAR INDUSTRY

As quoted in an August 3, 2017 coalition press release, warning about the next shoe that could drop, in the aftermath of the cancellation of the Summer Units 2 & 3 atomic reactors in S.C. -- $8.3 billion of federal taxpayer-backed nuclear loan guarantees, at Vogtle Units 3 & 4 in Georgia (Michael Mariotte of NIRS liked to point out that that is 15 times the amount of taxpayer money lost in the Solyndra solar loan guarantee default):

Even if there is no new federal bailout for nuclear, taxpayers could still end up on the hook for billions of dollars if the Vogtle project goes belly up.

Ryan Alexander, president, Taxpayers for Common Sense, a nonprofit and nonpartisan taxpayer advocacy group, said: “The VC Summer project relied on the same problematic reactor designs and contractor, the recently bankrupt Westinghouse Corporation, as Southern Company’s Plant Vogtle. Westinghouse’s AP1000 design was being used in both VC Summer and Vogtle. Both projects have experienced multiple delays and significant cost overruns. Westinghouse’s recent bankruptcy pushed both projects further into turmoil. Unlike VC Summer, Vogtle managed to win themselves more than $8 billion in taxpayer-backed loan guarantees. So while federal taxpayers should and must watch any efforts to contribute to the bailout of the state of South Carolina and the players involved in the VC Summers project, billions in tax dollars are already at risk with the Vogtle project. It seems clearer than ever that the writing is on the wall for taxpayers. We’ve said it for 8 years: These massive nuclear reactor projects were doomed from the start, and taxpayer money should not be risked on them.”