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Department Of Energy Nears Approval Of $8.3 Billion Loan For Nuclear Reactors

February 16, 2012 by  

Department Of Energy Nears Approval Of $8.3 Billion Loan For Nuclear Reactors

Energy Secretary Steven Chu announced that he expects to finalize an $8.3 billion taxpayer-backed loan for two new nuclear reactors in Georgia, setting up another battle in Washington over the government's investments in energy-related projects, The Hill reported.

According to the news outlet, the Department of Energy (DOE) offered the loan guarantee to Southern Co. in February 2010, but the deal can not be finalized until it meets a number of key regulatory approvals.

Chu noted that the loan guarantee is nearing the final stages of approval, less than a week after the Nuclear Regulatory Commission (NRC) issued a license for the project.

"We expect that one to close and go forward," Chu told reporters. He added that "there are a number of other milestones" the project must achieve before getting an approval from the DOE.

According to U.S. News & World Report, this marked the first time since the Three Mile Island disaster in 1979 that the NRC granted a license for new reactor construction, signaling that the U.S. is ready to move forward with new projects in the sector.

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  • Jonathan

    Is the design the same as Chernobyl’s and Three Mile Island’s? If so, not wise.

    • Michael J.

      Jonathan,
      Chernobyl was a stone age design that did not even include a containment structure. Many design enhancements have been incorporated since Three Mile Island. France is pok-a-dotted with nuke plants and no history of major incidents.

  • Sirian

    Hmmm, there is something that doesn’t feel right about all of this. OK, the application has been in place for approval since ’10 and as of yet still not finalized. In one way that isn’t very unusual since the DOE has made it near next to impossible to get approval of a new nuclear power plant since the Three Mile Island incident back during Carter’s reign. But when it comes to loan guarantees for the same, well, that’s where there seems to be something worth looking at much closer. With the way loan guarantees have been used with many “green” companies – need I list who? – it appears as if there may be some of the same favors being played into this also. Am I sure? No, but is it not worth wondering about? Keep in mind that the guarantees are “tax payer moneys”.

  • Chris

    NO MORE NUCLEAR REACTORS!!!!!!!!!!!!! They should ALL be dismantled!!!!!!!!!!!!!!!!
    The mere 5% energy they supply for this country does NOT warrant having them because of the danger. They are going to lead to our demise.

    • Sirian

      Woo, calm down Chris. Uh, why don’t you go get a couple Tylenol, grab a cup of coffee and think a bit more about what you’ve just said. Never mind, let me give you a hand. . . First, Nuclear power plants provide 20% of the energy load that we have in the US, not 5%. No telling where you were fed that info. Secondly, nuclear power plants are much safer than what you have ever learned or have been indoctrinated to believe. As I said before, think a bit more about what you’ve said. Here’s something to think on. . . when was the last time we have had a “major” nuclear power plant problem since the Three Mile Island incident? No, I didn’t say Chernobyl, I said here in the US. BTW, we have always had much better nuclear reactor designs in not only their functional operation design but even more so in relation to operational safety. Anyway, just in case you haven’t the gumption to actually look it up – would only take a few seconds – there have been none since. Have there been minor, non-threatening little problems here and there over the past forty years? Yes, but there have been the same minor problems at various other non-nuclear power plants from coast to coast. Those fall under the category of minor industrial accidents. Now I assume you understand what an industrial accident is, right? Also, keep in mind that we have had nuclear reactors powering our aircraft carriers and submarines since back in the sixties. Yes, I know, that’s back in the ancient days to you but be it as it may, there has not been one, NOT ONE, threatening reactor incident aboard any ship in our Navy. How is that possible? Really? Think kid, simply think!! Stop soaking up anything you’re told, instead start questioning it. Get your head outta your butt and stop thinking every nuclear power plant is a sitting time bomb.

      • Chris

        You will see.

      • Sirian

        I will see what? The end of the world? Widespread nuclear reactor meltdowns followed by massive explosions? Radioactive nuclear waste floating in the air contaminating everyone? Don’t sulk back into a corner, simply think on what you have been lead to believe and then question it!! What you believe is true without any other possible answer that you have never thought of or have been so far convincingly told? Think! Question! Demand proof from various sources! Contact any nuclear power plant and find out when they have had life threatening reactor problems!! You have a chance – use it!!

  • Freedom Gary

    I have been forced by what our government has been doing and saying in the last 50+ years to be a little skeptical when they jump in to approve something that they have in the recent past not. Now my thinking here goes to the problem the Obama crew is having with the eligibility issue he is having in this state. You know goes like this [ look the other way and this project will get approval and funding} just saying.

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