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Loan Guarantees

New reactor construction is so expensive and unpredictable that no U.S. utility is willing to take the risk without the backing of federal loan guarantees, potentially in the hundreds of billions of dollars. Beyond Nuclear and others fight to prevent the mature nuclear industry from seizing any such subsidies which are better spent on true climate solutions such as renewable energy and energy efficiency programs.

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Wednesday
Mar292017

Westinghouse troubles loom over SC, Georgia nuke projects

As reported by the Atlanta Journal Constitution.

Note that $8.3 billion of taxpayer-backed nuclear loan guarantees are at risk of being lost, if the Vogtle 3 & 4 new reactor construction project defaults on its loan repayment. This is 15 times the amount of taxpayer money lost in the Solyndra solar loan guarantee default, as Michael Mariotte of NIRS pointed out many years ago.

Critics of the nuclear loan guarantee program warned about such risks in May 2001, when the Cheney Energy Task Force Report first floated the proposal of nuclear loan guarantees; again in 2005 when nuclear loan guarantees were made legal by passage of the Energy Policy Act; and again in 2007, when Congress and George W. Bush approved more than $20 billion worth of new reactor loan guarantees; and again leading up to the 2014 Obama administration approval of the $8.3 billion nuclear loan guarantee for Vogtle 3 and 4, without requiring any skin in the game by any of the companies involved -- an economic moral hazard with a radioactive twist!

Wednesday
Mar292017

YOU WERE WARNED: 2/12 alert that #nuclear project woes put billions of taxpayer-backed loan guarantee $$s at risk

Thank you to Scott Stapf of the Hastings Group, for the tweet above, and link to the Feb. 2012 SACE press release, "Groups: Nearly $1 Billion Vogtle Nuclear Reactor Cost Overrun Echoes Earlier Warning About 'Boondoggle' Project."

The cost overruns, and schedule delays, have only mounted over the past five years. Thus, the risks to $8.3 billion in federal taxpayer-backed nuclear loan guarantees have only increased. This is 15 times the amount of money lost in the Solyndra solar loan guarantee default.

Critics of the nuclear loan guarantee program warned about such risks in May 2001, when the Cheney Energy Task Force Report first floated the proposal of nuclear loan guarantees; again in 2005 when nuclear loan guarantees were made legal by passage of the Energy Policy Act; and again in 2007, when Congress and George W. Bush approved more than $20 billion worth of new reactor loan guarantees; and again leading up to the 2014 Obama administration approval of the $8.3 billion nuclear loan guarantee for Vogtle 3 and 4, without requiring any skin in the game by any of the companies involved -- an economic moral hazard with a radioactive twist!

Wednesday
Mar292017

Kempner: Time for a nuclear apology from your power company

As reported in the Atlanta Journal Constitution.

Note that $8.3 billion of taxpayer-backed nuclear loan guarantees are at risk of being lost, if the Vogtle 3 & 4 new reactor construction project defaults on its loan repayment. This is 15 times the amount of taxpayer money lost in the Solyndra solar loan guarantee default, as Michael Mariotte of NIRS pointed out many years ago.

Critics of the nuclear loan guarantee program warned about such risks in May 2001, when the Cheney Energy Task Force Report first floated the proposal of nuclear loan guarantees; again in 2005 when nuclear loan guarantees were made legal by passage of the Energy Policy Act; and again in 2007, when Congress and George W. Bush approved more than $20 billion worth of new reactor loan guarantees; and again leading up to the 2014 Obama administration approval of the $8.3 billion nuclear loan guarantee for Vogtle 3 and 4, without requiring any skin in the game by any of the companies involved -- an economic moral hazard with a radioactive twist!

Wednesday
Mar292017

Huge nuclear cost overruns push Toshiba's Westinghouse into bankruptcy

As reported by Reuters.

Note that $8.3 billion of taxpayer-backed nuclear loan guarantees are at risk of being lost, if the Vogtle 3 & 4 new reactor construction project defaults on its loan repayment. This is 15 times the amount of taxpayer money lost in the Solyndra solar loan guarantee default, as Michael Mariotte of NIRS pointed out many years ago.

Critics of the nuclear loan guarantee program warned about such risks in May 2001, when the Cheney Energy Task Force Report first floated the proposal of nuclear loan guarantees; again in 2005 when nuclear loan guarantees were made legal by passage of the Energy Policy Act; and again in 2007, when Congress and George W. Bush approved more than $20 billion worth of new reactor loan guarantees; and again leading up to the 2014 Obama administration approval of the $8.3 billion nuclear loan guarantee for Vogtle 3 and 4, without requiring any skin in the game by any of the companies involved -- an economic moral hazard with a radioactive twist!

Wednesday
Mar292017

Westinghouse files for bankruptcy, with 4 U.S. nuclear reactors unfinished

As reported by MarketWatch.

Please note that $8.3 billion of taxpayer-back nuclear loan guarantees are at risk of being lost, if the Vogtle 3 & 4 new reactor construction project defaults on its loan repayment. This is 15 times the amount of taxpayer money lost in the Solyndra solar loan guarantee default, as Michael Mariotte of NIRS pointed out many years ago.

Critics of the nuclear loan guarantee program warned about such risks in May 2001, when the Cheney Energy Task Force Report first floated the proposal of nuclear loan guarantees; again in 2005 when nuclear loan guarantees were made legal by passage of the Energy Policy Act; and again in 2007, when Congress and George W. Bush approved more than $20 billion worth of new reactor loan guarantees; and again leading up to the 2014 Obama administration approval of the $8.3 billion nuclear loan guarantee for Vogtle 3 and 4, without requiring any skin in the game by any of the companies involved -- an economic moral hazard with a radioactive twist!