Saturday, April 14, 2012
Tell President Obama and Secretary Chu: Stop taxpayer loans for Georgia reactors!
This is big. The $8.3 Billion taxpayer loan for construction of two new reactors at the Vogtle site in Georgia, the centerpiece of the Obama Administration's support for the "nuclear renaissance," may be blocked--by the Obama Administration. You can help make this happen.
According to an article from the industry publication Platt's, the nuclear industry is growing increasingly worried that the White House's Office of Management and Budget (OMB), which also must approve the loan, will not give its final approval. That's because the nuclear industry wants a sweetheart deal--one where Southern Company has to put up virtually none of its own money and where all financial risk is laid squarely on the shoulder of taxpayers.
But both OMB and DOE have come under scathing criticism, especially from Congressional Republicans, over the failure of the Solyndra solar company loan granted by the Administration. And the proposed Vogtle loan would be 15 times larger (and far riskier) than the one given to Solyndra.
Thus, the Administration is being much more cautious over the Vogtle loan than it would have been when first agreed to more than two years ago. And the more public scrutiny the Administration receives--and the more letters we send--the more likely that caution will lead to a cancellation of this loan. Our actions now matter--a lot. It may not be too much to say that the strength of our actions now could determine the fate of new nuclear power in the U.S.