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« Why the Scariest Nuclear Threat May Be Coming from Inside the White House | Main | ADVISORY: Experts discuss concerns with Westinghouse bankruptcy filing and the possible impacts on new nuclear construction projects in Georgia and South Carolina »
Wednesday
Mar292017

SCAMA (South Carolinians Against Monetary Abuse) Obtains Records Indicating Liens Filed by Fluor, Company Constructing New Nuclear Reactors in South Carolina and Georgia, Against SCE&G and Georgia Power/Southern Nuclear

As reported in a press release posted on the website of Savannah River Site Watch.

Note that $8.3 billion of taxpayer-backed nuclear loan guarantees are at risk of being lost, if the Vogtle 3 & 4 new reactor construction project defaults on its loan repayment. This is 15 times the amount of taxpayer money lost in the Solyndra solar loan guarantee default, as Michael Mariotte of NIRS pointed out many years ago.

Critics of the nuclear loan guarantee program warned about such risks in May 2001, when the Cheney Energy Task Force Report first floated the proposal of nuclear loan guarantees; again in 2005 when nuclear loan guarantees were made legal by passage of the Energy Policy Act; and again in 2007, when Congress and George W. Bush approved more than $20 billion worth of new reactor loan guarantees; and again leading up to the 2014 Obama administration approval of the $8.3 billion nuclear loan guarantee for Vogtle 3 and 4, without requiring any skin in the game by any of the companies involved -- an economic moral hazard with a radioactive twist!