New Federal Loan Guarantees For Nuclear Reactor Construction Promised

President Obama announced $8.3 billion in federal loan guarantees to support the construction of a planned two-reactor nuclear power plant in Georgia, which would be the first new U.S. nuclear plants in more than three decades. The plant is expected to cost $14.5 billion to build and projected to be completed in 2017. Administration officials promised that more assistance is on the way. The administration has $18.5 billion available in loan guarantees for nuclear plants and the administration's FY 2011 budget request asks Congress to add an additional $36 billion to the nuclear loan guarantee program. AGC has long supported increased domestic energy production, including nuclear energy, fossil fuels, and renewable and alternative energy sources. President Obama intends to incorporate nuclear electricity generation into his greater energy and climate change policy. He cited international competition and jobs as primary reasons for this new policy initiative. Click here to view the full remarks by the president.