"Nuclear Retreat" continues while senators try to revive dying industry
November 17, 2009

The Office of Budget Management is holding firm to its contention that the risk of default by nuclear utilities on proposed federal loan guarantees is too high. Meanwhile, Senators Lamar Alexander (R-TN) and Jim Webb (D-VA), are proposing loan guarantees of $100 billion for new reactors, potentially burdening U.S. taxpayers with enormous debts if, as the OMB declares, the industry defaults on more than half the loans. The $100 billion figure dwarfs the already problematic $18.5 billion in federal loan guarantees set aside late last year for new U.S. reactors and which the OBM has contended is a risky financial venture. Beyond Nuclerar issued a press release today condemning the bill. Beyond Nuclear asserts that Alexander and Webb are out of step with the reality of climate change while condemning their constituents and others to massive and futile debts. "Senators Alexander and Webb are prepared to gouge their own constituents and others to the tune of potentially more than $50 billion dollars in debt for an industry that cannot meet even the most conservative cost, timeline and safety targets," said Paul Gunter in the press release.

Article originally appeared on Beyond Nuclear (http://www.beyondnuclear.org/).
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