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Loan Guarantees

New reactor construction is so expensive and unpredictable that no U.S. utility is willing to take the risk without the backing of federal loan guarantees, potentially in the hundreds of billions of dollars. Beyond Nuclear and others fight to prevent the mature nuclear industry from seizing any such subsidies which are better spent on true climate solutions such as renewable energy and energy efficiency programs.

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Entries by admin (114)

Friday
Nov112011

"White House orders audit of Energy Dept. loans"

The Washington Post reported an article by that title on its front page on October 29th. Although focused on the fallout from the Solyndra solar loan guarantee scandal -- the taxpayer loss of $535 million due to the bankruptcy of the California-based solar panel manufacturer -- and mentioning another federal energy loan guarantee at risk of default in a separate article on the same day entitled "Obama adviser tied to firm that won loan: Political ties played no role in DOE's decision, car company says" (to the Vehicle Production Group for a compressed natural gas vehicle designed to accomodate wheel chairs), the Washington Post does not mention federal loan guarantees for new nuclear facilities. Nor do Republican U.S. House Members mention nuclear loan guarantees, as they are poised to subpoena the Obama administration for documents related to the Solyndra scandal. The right wing Americans for Prosperity has even launched a campaign against all of Obama's solar loan guarantees, not just Solyndra's, including high-priced t.v. ads -- but again, doesn't mention nuclear loan guarantees, or those for other dirty energy projects, including coal based ones.

President Obama himself announced the award of an $8.3 billion nuclear loan guarantee for two new atomic reactors at the Vogtle nuclear power plant in Georgia. That amounts to more than 15 times more taxpayer money at risk than was lost in the Solyndra solar default.

Wednesday
Nov022011

Boehner blasted for billion dollar nuclear hypocrisy

Kevin Kamps of Beyond Nuclear appeared on the Thom Hartmann Show, blasting U.S. House Speaker John Boehner (Republican-Ohio) for advocating for a $2 billion nuclear loan guarantee in Ohio, while supposedly being against the energy loan guarantee program in the first place, based on fiscal conservative and free market principles. Boehner supports federal taxpayer backed nuclear loan guarantees for a uranium enrichment facility proposed by U.S. Enrichment Corporation at Portsmouth, Ohio. Kevin also gave updates on the Fukushima nuclear catastrophe, and shield building cracks and the history of near-disasters at Davis-Besse atomic reactor near Toledo.

Friday
Aug262011

Markey's "Nuclear Power Plant Safety Act of 2011" would require nuclear loan guarantees to consider Fukushima catastrophe risks

U.S. Rep. Ed Markey (D-MA)On March 29, 2011 -- just 18 days after the Fukushima nuclear catastrophe began -- U.S. Representative Ed Markey (D-MA) introduced the "Nuclear Power Plant Safety Act of 2011." Its Section 3 on Loan Guarantees would amend Section 1702(b) of the Energy Policy Act of 2005 (42 U.S.C. 16512(b)) by inserting after paragraph (2) the following: "In the case of a guarantee for advanced nuclear energy facilities, the Secretary [of Energy] shall ensure that the cost of the obligation is calculated using a consideration of the Tohoku earthquake of 2011 to estimate the risk characteristics of the project."

Wednesday
May182011

Bonnie Raitt, Jackson Browne, and Graham Nash call on citizens to take action against new nuclear loan guarantees

Nash, Raitt, and Browne, flanked by environmental and congressional allies, at a Nukefree.org press conference against nuclear loan guarantees on Capitol Hill, 2007"We may be on the brink...of stopping the US nuclear industry from building new reactors," write musicians Bonnie Raitt, Jackson Browne, and Graham Nash in a new posting on the Nukefree.org website. Join their call by phoning your two U.S. Senators and your U.S. Representative via the Capitol Switchboard at (202) 224-3121 and urging them to block the $36 billion in new nuclear loan guarantees proposed by the Obama administration in the Fiscal Year 2012 federal budget, with the first congressional subcommittee votes expected to happen in the next few weeks

Thursday
Mar102011

Help block latest nuke industry raid on the U.S. Treasury!

Don't let the financial burden of new atomic reactors crush American taxpayers! Call your U.S. Senators ASAP!Despite the fact that its proposed new reactor projects are beset by ongoing major safety risks, schedule delays, cost overruns, and other economic and radiological pitfalls, the nuclear power industry continues to seek massive taxpayer bailouts, not only in the U.S. but even overseas. The environmental movement has responded by urging the Japanese government not to risk its own taxpayers’ funds on the risky South Texas Project twin reactor expansion. A coalition of more than 170 organizations, including Beyond Nuclear, recently sent a letter to the Japanese prime minister, and issued an accompanying media release. (Last August, Beyond Nuclear’s Kevin Kamps, along with Japanese allies from Green Action, Citizens Nuclear Information Center, Friends of the Earth, and other groups met with the Japanese Bank for International Cooperation (JBIC) and the federal Ministry of Economy, Trade, and Industry (METI) to deliver just such a message.) The nuclear industry's attempted money grab in the U.S. has now shifted -- yet again -- to the U.S. Senate, which is considering funding measures for the current and next fiscal year. Right now is a critical time to stave off this latest attempt to risk additional billions of taxpayer dollars on proposed new atomic boondoggles. Call your two U.S. Senators via the Capitol Switchboard at (202) 224-3121, or look up their fax numbers and websites for writing in via their webforms, or to find their in-state offices nearest you. Urge them to not only reject additional nuclear power loan guarantees, but also to roll back the entire nuclear loan guarantee program, as 57% of Americans polled by the Wall Street Journal/NBC have indicated ("When it comes to reducing spending, the most popular targets were subsidies to build nuclear power plants...")! After more than half a century of heavy subsidization by American taxpayers and ratepayers, it's high time for the nuclear power industry to stand on its own two feet in the marketplace, or go away for good!