President Barack Obama is expected to announce today that the government will guarantee more than $8 billion in loans needed to build the first U.S. nuclear power plant in nearly three decades — to be located in Georgia, Associated Press is reporting.
Obama is expected to announce a total of $8.3 billion in federal loan guarantees to build and operate a pair of reactors to be built in Burke by Southern Co., an administration official said Monday, AP reported.
Federal loan guarantees are seen as essential to spurring construction of new reactors because of the huge expense. Critics say the guarantees are a form of subsidy that will put taxpayers at risk given the industry’s record of cost overruns and loan defaults.
The reactors, to be built by the Atlanta-based energy company, are part of a White House plan the administration hopes will win Republican support at a time when the public is expressing a desire for lawmakers to work together to solve problems, AP wrote.
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