Saturday, July 7, 2012

Why Should Nuclear Financing Guarantees Cost Less than Student or Home Loans? | NukeFree.org



The Department of Energy wants to give the Southern Company a nuclear power loan guarantee at better interest rates than you can get on a student loan. And unlike a home mortgage, there may be no down payment.
Why?
The terms DOE is offering the builders of the Vogtle atomic reactors have only become partially public through a Freedom of Information Act lawsuit filed by the Southern Alliance for Clean Energy.
We still may not know all the details.
SACE has challenged the $8.33 billion loan guarantee package announced by President Obama in 2010.
The documents show the DOE has intended to charge the Southern a credit subsidy fee of one to 1.5%, far below the rates you would be required to pay for buying a house or financing an education.
On a package 15 times bigger than what the federal government gave the failed solar company Solyndra, Southern would be required to pay somewhere between $17 million and $52 million. Advocates argue the fee is so low that it fails to adequately take into account the financial risks of the project. Numerous financial experts have estimated the likely fail rate for new nuclear construction to be at 50% or greater...
more: Why Should Nuclear Financing Guarantees Cost Less than Student or Home Loans? | NukeFree.org | Breaking Nuke News | NukeFree.org


PETITION

SignOn.org - Stop the New Nuke Power Loan Guarantees

The Department of Energy is poised to give $8.33 billion in loan guarantees to the Georgia Vogtle double-reactor project that could irradiate the planet and bankrupt the state. But especially after the Solyndra bankruptcy, details of the deal are coming under intense scrutiny, at the Office of Management and Budget and elsewhere. If we stop this boondoggle there may never be another nuclear plant built in the US.

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