President Obama, who has called for a "new generation" of nuclear power, offered $8.3 billion Tuesday in loan guarantees to help build the nation's first commercial nuclear reactors in nearly three decades.
"To meet our growing energy needs and prevent the worst consequences of climate change, we need to increase our supply of nuclear power and today's announcement helps to move us down that path," Obama said in the announcement.
In his 2011 budget, Obama seeks to triple loan guarantees for nuclear plant construction, from $18.5 billion currently to $54.5 billion. This proposal, and his broader nuclear power push, has angered environmentalists and some Democratic backers.
The guarantees are for two new nuclear reactors at the Alvin W. Vogtle Electric Generating Plant in Burke, Ga., which already has two of them. The White House, citing industry projections, says the two additional reactors will create about 3,500 construction jobs and 800 permanent ones.
"This is a significant step by the Obama administration to restart our domestic nuclear industry, helping to create valuable long-term jobs and reduce our greenhouse gas emissions," Energy Secretary Steven Chu said.
The Energy Policy Act of 2005 allows the Department of Energy to issue loan guarantees for projects that avoid, reduce or sequester air pollutants or greenhouse gas emissions. The White House says the nuclear facility is eligible because it does this.
As part of the conditional loan guarantees, the U.S. Nuclear Regulatory Commission must determine whether the Westinghouse AP reactors meet its regulatory requirements.
Source: usatoday.com
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