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Old 02-16-2010, 12:26 PM  
Donger Donger is offline
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Obama unveils plan to build nuclear plant



http://news.yahoo.com/s/nm/20100216/...FtYXVudmVpbHM-

WASHINGTON (Reuters) President Barack Obama announced $8.3 billion in loan guarantees on Tuesday to build the first U.S. nuclear power plant in nearly three decades in a move designed to help advance climate legislation in Congress.

Obama, a Democrat, said the United States needed to increase its supply of nuclear power to meet its energy needs and fight climate change.

The loan guarantee will go to help Southern Co. build two reactors at a plant in the state of Georgia.

"Even though we've not broken ground on a ... new nuclear power plant in thirty years, nuclear energy remains our largest source of fuel that produces no carbon emissions," Obama said after touring a union education center in Lanham, Maryland.

"To meet our growing energy needs and prevent the worst consequences of climate change, we'll need to increase our supply of nuclear power. It's that simple," he said.

Obama, a Democrat, is pushing for a law that would cap greenhouse gas emissions from industry and expand the use of renewable energy such as wind and solar.

The administration hopes that by reaching out to Republicans on the nuclear issue -- a top priority for key opposition lawmakers such as former presidential candidate John McCain -- that support for the stalled bill will grow.

Atlanta-based Southern, a leading U.S. producer of electricity, welcomed the move. Its shares rose 1.86 percent.

"It's an important endorsement in the role nuclear power must play in diversifying our nation's energy mix and helping to curb greenhouse gas emissions," Southern Chief Executive David Ratcliffe said in a statement.

Southern has one of the largest fleets of coal-fired power plants in the nation and would suffer if Washington were to institute restrictions on carbon dioxide emissions.

Obama wants a cap-and-trade system to instill such a cap, and that system is seen as key to U.S. involvement in an international push to fight global warming.

Republicans largely oppose cap-and-trade.
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Old 02-16-2010, 12:27 PM   #2
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Nice of them to point out that Obama's a Democrat twice. I didn't quite get it the first time.
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Old 02-16-2010, 12:30 PM   #3
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No to cap-and-tax. Nuclear power however is the way to go. When you can get the effiency that these power plants produce with no carbon emissions, you can't in any logical way not support it. JMO though.....
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Old 02-16-2010, 12:32 PM   #4
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Nice of them to point out that Obama's a Democrat twice. I didn't quite get it the first time.
The second time makes sense, since the next line involves reaching out to Republicans. I wonder if the first mention isn't just an example of "search and replace" gone wrong.
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Old 02-16-2010, 12:34 PM   #5
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I just hope that we start reusing spent fuel like they do in parts of Europe. The only issue with nuclear is the waste.
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Old 02-16-2010, 12:34 PM   #6
alpha_omega alpha_omega is offline
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Its about time...although i heard on the radio this morning that it will take 2 years just to get all the paperwork in order.
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Old 02-16-2010, 12:41 PM   #7
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Its about time...although i heard on the radio this morning that it will take 2 years just to get all the paperwork in order.

Obama to announce loan help for nuclear power


--------------------------------------------------------------------------------

By Tom DoggettPosted 2010/02/15 at 9:17 pm EST
WASHINGTON, Feb. 15, 2010 (Reuters) The Obama administration, advancing nuclear power use to help cut greenhouse gas emissions, will announce on Tuesday an $8.3 billion loan guarantee to help Southern Co build two reactors, a government official told Reuters.

The official said on 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.

A spokesman for Southern said the loan guarantee would cover up to 70 percent of the company's portion of the project's costs. He said the company would provide more details on Tuesday.

Southern applied to the Nuclear Regulatory Commission in March 2008 to build two reactors at the company's Vogtle nuclear power plant in Georgia, which already has two reactors. The Vogtle plant is about 170 miles east of Atlanta.

Southern says it expects to receive license approval for the new reactors next year.

Supporters of nuclear power argue more reactors will be needed for the United States to tackle global warming effectively because nuclear is a much cleaner energy source than coal-fired power plants, which spew greenhouse gases.

Nuclear power is controversial, however, because of its radioactive waste, which is now stored on site at reactor locations around the country.

The two reactors, which some experts estimate will cost $8.8 billion to build, could be in service in 2016 and 2017.


The project would create 3,500 jobs during construction and 800 high-paying jobs when finished.

The government's financial assistance for Southern comes from $18.5 billion in nuclear loan guarantee authorized by Congress. The department is expected to announce similar loan deals for other nuclear power plant projects in the future.

The Obama administration has also asked Congress to triple funding for the nuclear loan guarantee program to about $54 billion.

Nuclear power generates about 20 percent of U.S. electricity supplies.

The Vogtle power plant can currently produce 2,300 megawatts of electricity. The two new reactors would provide an additional 2,200 megawatts of electricity output. One megawatt provides power to about 500 homes in Georgia.

Southern's Southern Nuclear Operating Co operates the Vogtle station for its owners, including Southern's Georgia Power (45.7 percent), Oglethorpe Power Corp (30 percent), Municipal Electrical Authority of Georgia (22.7 percent) and the City of Dalton (1.6 percent).

(Reporting by Tom Doggett, Additional reporting by Jeff Mason in Washington and Scott Disavino in New York; Editing by Peter Cooney)

http://www.newsdaily.com/stories/tre...-nuclear-loan/
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Old 02-16-2010, 12:44 PM   #8
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Quote:
Originally Posted by orange View Post

Obama to announce loan help for nuclear power


--------------------------------------------------------------------------------

By Tom DoggettPosted 2010/02/15 at 9:17 pm EST
WASHINGTON, Feb. 15, 2010 (Reuters) The Obama administration, advancing nuclear power use to help cut greenhouse gas emissions, will announce on Tuesday an $8.3 billion loan guarantee to help Southern Co build two reactors, a government official told Reuters.

The official said on 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.

A spokesman for Southern said the loan guarantee would cover up to 70 percent of the company's portion of the project's costs. He said the company would provide more details on Tuesday.

Southern applied to the Nuclear Regulatory Commission in March 2008 to build two reactors at the company's Vogtle nuclear power plant in Georgia, which already has two reactors. The Vogtle plant is about 170 miles east of Atlanta.

Southern says it expects to receive license approval for the new reactors next year.

Supporters of nuclear power argue more reactors will be needed for the United States to tackle global warming effectively because nuclear is a much cleaner energy source than coal-fired power plants, which spew greenhouse gases.

Nuclear power is controversial, however, because of its radioactive waste, which is now stored on site at reactor locations around the country.

The two reactors, which some experts estimate will cost $8.8 billion to build, could be in service in 2016 and 2017.


The project would create 3,500 jobs during construction and 800 high-paying jobs when finished.

The government's financial assistance for Southern comes from $18.5 billion in nuclear loan guarantee authorized by Congress. The department is expected to announce similar loan deals for other nuclear power plant projects in the future.

The Obama administration has also asked Congress to triple funding for the nuclear loan guarantee program to about $54 billion.

Nuclear power generates about 20 percent of U.S. electricity supplies.

The Vogtle power plant can currently produce 2,300 megawatts of electricity. The two new reactors would provide an additional 2,200 megawatts of electricity output. One megawatt provides power to about 500 homes in Georgia.

Southern's Southern Nuclear Operating Co operates the Vogtle station for its owners, including Southern's Georgia Power (45.7 percent), Oglethorpe Power Corp (30 percent), Municipal Electrical Authority of Georgia (22.7 percent) and the City of Dalton (1.6 percent).

(Reporting by Tom Doggett, Additional reporting by Jeff Mason in Washington and Scott Disavino in New York; Editing by Peter Cooney)

http://www.newsdaily.com/stories/tre...-nuclear-loan/
Yep, the headline is actually wrong. We are aren't building a new plant, just adding two new reactors to an existing plant.
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Old 02-16-2010, 12:45 PM   #9
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I'm okay with the loan gaurantees. No company is going to be able to get an $8 billion loan to build or re-build nuclear reactors.

We need to be using nuclear energy more.
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Old 02-16-2010, 12:47 PM   #10
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Good for Obama.
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Old 02-16-2010, 12:48 PM   #11
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Originally Posted by jiveturkey View Post
I just hope that we start reusing spent fuel like they do in parts of Europe. The only issue with nuclear is the waste.
If you mean reprocessing, we plan to.
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Old 02-16-2010, 12:54 PM   #12
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If you mean reprocessing, we plan to.
Perfect. That decreases the waste concerns.

I'm in.
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Old 02-16-2010, 12:57 PM   #13
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I appreciate the fact of enabling loan guarantees. Now, he needs to put the pedal down and sick his attack dogs on removing the red tape and accelerating the paperwork process. That is, if he is really for this and not providing lip service for political points.
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Old 02-16-2010, 12:58 PM   #14
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We should build more, but what is this on his part? Are we really to believe that nuclear power is at the top of Barack Obama's agenda?

It's certainly good PR (as it should be), at a time when he desperately needs any that he can get.

Does he have assurances that it will never actually get done? It's hard to trust his motives, at this point.
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Old 02-16-2010, 12:59 PM   #15
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We should build more, but what is this on his part? Are we really to believe that nuclear power is at the top of Barack Obama's agenda? He can't even decide what he thinks on clean coal.

It's certainly good PR (as it should be), at a time when he desperately needs any that he can get.

Does he have assurances that it will never actually get done? It's hard to trust his motives, at this point.

Last edited by wild1; 02-16-2010 at 01:38 PM..
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