The Obama administration, advancing nuclear power use to help cut greenhouse gas emissions, will announce Tuesday an $8.3 billion loan guarantee to help Southern build two reactors, a government official told Reuters.
The reactors are in line to be among the first nuclear generating facilities to win U.S. government approval in three decades.
The official said Monday that President Barack Obama would announce the loan guarantee after he tours a jobs training center in Lanham, Maryland, where he will discuss new government investments to create energy jobs and develop a low carbon economy.
Energy Secretary Steven Chu will travel with the president when he makes the announcement, said the official, who was familiar with the loan guarantee deal for Southern but did not want to be identified.
Obama, a Democrat, has tried to reach out to Republicans who are skeptical about aspects of his proposed energy proposals by emphasizing the role of nuclear power in the country's future energy production.
The $8.3 billion loan guarantee would commit the federal government to paying a portion of the private loans Southern would take out for the project in case the company defaulted on those loans.
Really? $8.3 billion in loan guarantees for new nuke plants? Meanwhile, China is kicking our ass in wind turbine and solar panel production. And we're investing in more nuke plants...plants that won't be online for another decade, easy.
By the time these plants are online and generating power, China and Europe will have cornered the world market on wind and solar. We can just buy from them. We don't do enough of that already, apparently. I suppose Vice President Bachmanniac will be addressing that in her 2020 campaign run.
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