Nuclear Power and the Bottomless Bank

From E Magazine:

Congress and the Obama administration are on a course to provide the nation’s nuclear industry an unprecedented financial package—one that could dwarf the combined expenditures of last year’s bailout programs. And the legislative package comes with restrictions that would block the Nuclear Regulatory Commission (NRC) from completely examining untried nuclear power systems.

The extensive support for the development of nuclear power is incorporated in the Clean Energy Jobs and American Power Act moving separately through the Environment and Public Works and the Energy and Natural Resources committees. The House version of the bill passed in June.

If enacted, the legislation would create a special “bank” affiliated with the Department of Energy (DOE) called the Clean Energy Deployment Administration (CEDA), which could potentially provide underwriting for 187 new nuclear power projects—at an estimated cost of $10 to $14 billion each—and assume responsibility for cost overruns and delays.

If the Senate version is approved, there would be unlimited funding for nuclear power projects throughout the country, instead of just in the three states (Florida, Georgia and South Carolina) that allow utilities to bill consumers in advance for the cost of constructing nuclear power plants. Federal investment in nuclear energy would replace that from the Wall Street investment community, which has been loathe to invest in these expensive capital projects.

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