Showing posts with label Nuclear Loan Guarantees. Show all posts
Showing posts with label Nuclear Loan Guarantees. Show all posts
Thursday, July 8, 2010

Energy Department Ignores Obama’s Openness Pledge

Posted by American Forum at 11:02 AM

GEORGIA FORUM

By Peter A. Bradford

The recent acceptance of $8.3 billion in taxpayer-backed loan guarantees by the builders of the Vogtle nuclear reactors seems like good news for Georgia electric customers. Nationwide taxpayers will now share in the costs and risks that had been on the shoulders of the customers of the utilities building the two reactors.

But don’t celebrate too soon.

There are more loan guarantees in the pipeline — a total of $54.5 billion, none for Georgia reactors. These guarantees mean that you and I will repay the lender if the project cannot. The $54.5 billion would amount to an exposure of more than $500 for every American family. Some in Congress want unlimited nuclear loan guarantees, which translate to unlimited taxpayer exposure.


click HERE to read full article

 

Labels: , , , 0 comments

If You Want to Know What Congress Values, Watch the Supplemental Vote

Posted by American Forum at 9:16 AM

AMERICAN FORUM

By Susan Shaer

It’s not enough that the wars in Iraq and Afghanistan have topped one trillion dollars. Now there is a supplemental appropriations bill awaiting a vote in the House of Representatives that will add $37 billion more, plus some other odd bedfellows.

This so-called supplemental allows other “emergency” spending issues to be added; Members of Congress know it cannot fail because it’s for the wars. Up for consideration is millions for the Gulf Coast oil spill response and billions to keep teachers, police and firefighters on the job as communities dig out of the recession. Oh, and $9 billion in loan guarantees for new nuclear reactors.

Wouldn’t you love to see all these items separated? Wouldn’t you love to know how your elected representatives would vote on the wars, the oil spill response, teachers, police and fire, and also nuclear reactor loan guarantees? These are separate issues with different values attached.

Click HERE to read full article

 

Labels: , , , , , 0 comments

Green Energy Policy Should Not Include Nuclear Power

Posted by American Forum at 8:36 AM

MASSACHUSETTS FORUM

By Richard Clapp

The long-awaited climate proposal crafted by Sens. John Kerry and Joseph Lieberman has finally landed on Capitol Hill. The proposal, though, is a massive nuclear bailout under the guise of an energy overhaul.

Near the top of the almost-1,000-page document is this statement: It is the policy of the United States&to facilitate the continued development and growth of a safe and clean nuclear energy industry. To achieve that, the proposal offers $54 billion in loan guarantees, plus enormous tax breaks and other financial giveaways, and cuts short licensing and safety reviews of new reactors.

The nuclear power industry has skillfully and successfully painted itself green -- an environmentally benign answer to reducing carbon emissions. The industry and many in Washington want us to believe that a new generation of nuclear reactors will solve the problems of climate change and allow us to live happily ever after. That's a costly fairy tale.



Click HERE to read full article

 

Labels: , , , , 0 comments

Friday, June 11, 2010

Let’s Stop the Expansion of Nuclear Power

Posted by American Forum at 12:18 PM

AMERICAN FORUM

By John Decock

According to current nuclear industry proposals, over two dozen new nuclear reactors would be constructed in the United States, the vast majority in the Southeast and Texas. President Obama recently offered $8.3 billion worth of taxpayer-backed loan guarantees to two of them in Georgia, which could be the first to be built in the U.S. in nearly four decades.

Wall Street isn’t interested in investing in these expensive and risky projects, so these guarantees promise that taxpayers will pay back the nuclear industry’s loans if the project fails.

In addition to the high cost and risks, new reactors create another problem, one that is rarely mentioned: they put enormous pressure on water resources. Nuclear reactors require huge amounts of cooling water to operate; without adequate water, they cannot produce electricity. (According to the industry’s Electric Power Research Institute, nuclear reactors can consume between 400 and 720 gallons per megawatt hour; while coal consumes about 300 gallons and natural gas, less than 250 gallons.)

click here for full post

 

Labels: , , , , , , , , 0 comments

Tuesday, March 2, 2010

Nuclear Loan Guarantees

Posted by American Forum at 7:36 AM


AMERICAN FORUM

By Michael Mariotte

Imagine for a moment that you want to build a house and need a loan. Your financial track record is shaky: Last time you tried to build a home you went over budget by 800 percent and the project took years to complete. Based on past performance, the odds are about 50-50 or better that you’ll default on this loan.

Adding to your problems is the fact that nobody’s ever built a big, complicated house like this one. Engineers have identified serious safety flaws in design that must be corrected before plans are approved. It’s anybody’s guess how much those changes will add to the price tag. Even without the mandated safety changes, costs have increased.

Forget about getting your loan from a bank. No private lender would touch this. Indeed, Wall Street calls this type of project a “bet-the-farm” investment, so risky it could be a “corporate killer.” Where do you turn? The U.S. taxpayer, of course.


Click here for the full post

 

Labels: , 0 comments

Subscribe to: Posts (Atom)