"Loan Program for Reactors Is Fizzling"

"WASHINGTON — Energy Secretary Ernest Moniz is set to announce on Wednesday that he will finish a $6.5 billion loan guarantee this week and another soon for $1.8 billion to help three Georgia electric companies build the first new nuclear reactors in the United States in three decades."

"But the announcements are coming far later than anticipated and may effectively end a program that Congress established in 2005 to jump-start a new generation of nuclear plants. At one point, the program was expected to support more than $50 billion in loans for nuclear projects.

The guarantees are to go to Georgia Power, a subsidiary of the Southern Company, which owns 45.7 percent of the Vogtle nuclear project, near Augusta, and the Oglethorpe Power Corporation, a nonprofit consortium of smaller companies, which owns 30 percent. A third company, MEAG, a consortium of municipals, which owns 22.7 percent, will get a guarantee of $1.8 billion soon, according to government officials."

Matthew L. Wald reports for the New York Times February 18, 2014.

http://www.nytimes.com/2014/02/19/business/energy-environment/loan-progr...

SEE ALSO:

"AP Sources: Energy Department Set To Approve $6.5B Loan Guarantee for Georgia Nuclear Plant" (Associated Press)

"How Small Reactor Fires Could Result in U.S. Nuclear Disasters Worse Than Fukushima" (EcoNews)

Source: AP, 02/19/2014