Obama Goes Nuclear

[laststeamtrain]

Source: MSNBC / Motley Fool

Obama Goes Nuclear
The first new U.S. nuke in decades lands a key government guarantee.
By Toby Shute
Motley Fool
updated 12:01 a.m. PT, Thurs., Feb. 18, 2010

<snip>

On Tuesday, President Obama announced a conditional $8.3 billion loan guarantee for the first new nuclear power plant in 27 years. If finalized, this would cover 70% of Southern's (NYSE: SO) share of the total project, which aims to complete two units at Plant Vogtle in Burke, Georgia in 2016 and 2017, respectively.

This development has been years in the making. In 2006, Southern applied for an early site permit for the two new units, which was granted last year. In 2008, the firm filed for a construction and operating license, and soon thereafter, Toshiba and Shaw Group (NYSE: SHAW) got the order for two 1,100-megawatt Westinghouse AP1000 reactors. Shaw is both a minority owner of Westinghouse, and the EPC (engineering, procurement, and construction) contractor for the project. Last year, and notably before the project had its early site permit in hand, Southern issued to Shaw a full notice to proceed on the project.

Southern's operating license is not expected to be granted before 2011. If it seems like the company has jumped the gun with any of these steps, that's because it has to if it wants to get this plant built in any reasonable timeframe. The paperwork just takes that long to process.

<snip>

Critics point out that these loan guarantees have a not-insignificant chance of sticking taxpayers with billions of dollars of losses. Next to shenanigans like the uncapped Treasury backstop of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE), this barely registers on my outrage-o-meter.

Read more: http://www.msnbc.msn.com/id/35458940/ns/business-motley_fool/

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I wonder what Van Jones is doing?

HELLO EVERYBODY. I JUST ARRIVED FROM LBN. I HOPE YOU'RE HAVING A GREAT DAY.

[NoodleyAppendage]

1. Had my hopes up there with the title. I was hoping it related to Senate fillibuster rules! n/t

J

[Don Caballero]

2. Those opposing nuclear energy are in the way of climate change reversal.

[Zoeisright]

5. HAHAHAHAHAHAHAH!!

Gee, are you on the nuclear industry payroll? That crap is poison and cannot be contained and we have NO way of disposing of it.

Before you spout any bullshit about 'nuclear power is the only way to transition to a green economy' let me remind you that that industry has been subsidized to the tune of $300 BILLION dollars by the American taxpayer. If we put that much money into solar power, we'd be energy self-sufficient by now.

Grow up.

[maryf]

8. The Germans went solar 20 years ago...

Where they could have gone nuclear...

[upi402]

11. They are tirelessly working that crap here

I smell money

[maryf]

9. It has to be financed by the government...

No insurance company will cover the potential for accidents...Can you say Chernobyl???

[jody]

3. So Obama supports nuclear power for the US and opposes it for Iran! Is that how the Islamic world

will interpret his action?

[maryf]

10. Great point!!

If nuclear had been eliminated years ago, the situation in Iran wouldn't be, or at least not in the same way...

[laststeamtrain]

4. I just saw this.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=103x519053

[defendandprotect]

6. $70,000,000 from Exelon . . . ???

Is that the name of it -- ?

Plus other nuke lobbyists --

From now on, I'm referring to our "democracy" and "America" --

[damntexdem]

7. Wait, hold on, Obama! This is not what we meant about the nuclear option!

;-)