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Monday
Feb262018

Fermi 3 -- the resistance moves to the money

Of some three-dozen proposed new “Nuclear Renaissance” atomic reactors, none have been built. Those that did break ground include Summer Units 2 and 3 in South Carolina, and Vogtle Units 3 and 4 in Georgia. The South Carolina new build was cancelled, wasting $9 billion of ratepayer money, after the bankruptcy of reactor vendor/builder Westinghouse Nuclear last spring. The Georgia new build, also years behind schedule and billions of dollars over budget, is also increasingly at risk of going belly up. $12 billion of federal taxpayer money, in the form of U.S. Department of Energy (DOE) loan guarantees, is at risk, in addition to many billions of dollars of ratepayer money. If Fermi 3 breaks ground, DTE could similarly apply for some $10+ billion remaining in the DOE nuclear loan guarantee fund, as well as major ratepayer electric bill “nuclear tax” surcharges, to finance construction.