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Energy Dept. nears approval of $8.3B nuke loan, setting up clash in Congress

Energy Secretary Steven Chu said Monday he expects to finalize an $8.3 billion taxpayer-backed loan for two new nuclear reactors in Georgia, setting up another battle on Capitol Hill over the government’s investments in energy projects.

The Energy Department offered the loan guarantee to Southern Co. in February 2010, but finalization of the deal was conditioned on a number of key regulatory approvals.

Chu signaled Monday that the loan guarantee is nearing final approval, less than a week after the Nuclear Regulatory Commission (NRC) greenlighted the license for the project.

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  • d rash

    HAVEN’T THESE COMMUNIST PRICKS LEARNED ANYTHING FROM SOLYNDRA! Follow the money. How much have the beneficiary’s of this loan given to the Obama campaign, OR will give to the Obama campaign or Super PAC? COME ON SHERRIF JOE! DO NOT WAIT FOR MARCH FIRST! RELEASE THE REPORT NOW!

    • Old Sarge

      You have a short memory. Don’t you remember what happened just a few days ago? The judge allowed Obama to be put on the Georgia ballot. It wouldn’t surprise me if this was part of a payoff. Can you say “BRIBE”? Not to worry yet environmentalists. I’m sure that this will be stalled until after the November election. Then they will decide not to allow the construction. Two more birds killed with one stone.

      • DefendConstitution

        And when the Repubs balk at passing the spending bill, they will be labeled as not caring about the country.

        • BUD

          AND INTELLIGENT PEOPLE WILL NOT FALL FOR THAT LINE OF BS.

    • Jill Jaco

      They learned they can give whoever they want, whatever they want, and nothing will happen.

  • http://Cowboybyte.com Jim Tucker

    The fact of the matter is simply this – How can a government that is already $4+ trillion in debt loan anyone anything? It doesn’t matter if it is a good investment or a bad one – WE DON’T HAVE THE MONEY!!!! We need to be fiscally sound and (defense) safe first.

    • Martin Ridens

      Um, we’re more like $16 Trillion + in debt and that’s just what’s on the books. This one isn’t about the money though folks. It’s politics, plain and simple and the republicans will be played like a flute, once again.

      • http://bobk90.wordpress.com Bobby

        The Republicans in the House & Senate will be Playing Obama’s “SKIN FLUTE” proving they are the Bitches on their knees!

  • CK

    They don’t need the “guarantee” they are going to make tons ‘o money when the expanded plant goes into production!

  • http://fanon.clubpenguinwiki.info TurtleShroom

    OH COME ON!

    To all you whiners, here’s a newsflash: THIS ISN’T SOME WUSSY LITTLE SOLYNDRA.
    THIS IS A NUCLEAR REACTOR. It’s proven, safe, clean (spare its radioactive waste), and produces HUGE amounts of power!

    THIS IS A GOOD THING, PEOPLE!!!

    • Taylor

      Really? I’d like to see their balance sheet! It’s a case of: fool me once, shame on YOU; fool me twice – SHAME ON ME!

    • Old Sarge

      “THIS IS A GOOD THING, PEOPLE!!!”

      And that is another big reason that it will not be built.

  • lark 125

    I would rather see this kind of loan than one to Joe smoe for hybrid solar powered turd removers

  • Taylor

    Is this Solyndra all over again? How close to bankruptcy are these projects? More to the point: HOW MUCH MONEY HAVE THEY GIVEN TO THE GUY AT 1600 PENNSYLVANIA AVENUE TO GET THIS on OUR MONEY?

  • http://httpaol.com sean murrey ILLIniois

    No more loans.

  • http://www.newsandopinions.net Bill Stanley

    Stop government low-interest loans and subsidies to wind, solar, nuclear, oil and natural gas industries. Let companies and consumers decide what they want.

    • BUD

      SURVIVAL OF THE FITTEST, AND LET THE WEAK PERISH.
      FOR AMERICAN BUSINESS, AND AMERICAN PEOPLE.

      JUST LIKE ETHOPIA, IT IS GODS WILL FOR THE WEAK TO PERISH.

  • Jerry

    I think it’s a setup to start building, then some catastrophy happens or is caused. After that, Nuclear will be totally done in this country…….. Jerry (in Tucson)

  • Navy Veteran

    Wait a minute. I thought Obama was against nuclear power, just like coal. His wind power idea went down the drain along with billions of taxpayer money. This is another Solyndra, but that is probably the plan. First of all, it’s not a “loan .” This 8.3 billion will be laundered by the recipients with millions going back to the DNC and the into the pockets of hundreds of people not even associated with the project. All of these so-called “energy” and “green” projects are nothing but scams to siphon more taxpayer money. Construction on these nuclear plants will be started and then in a couple of years it will be determined that they are not feasible. Taxpayers are screwed constantly by this administration and congress continues to let them DO IT.

  • Bob Marshall

    20% of our nations energy comes from nuclear power plants. Six coal powered plants have just shut down. There were 600 such plants in America. The U.S. accounts for 27 % of the worlds coal supply. This is equivalent to 800 billion barrels of oil and more than three times the oil reserves of Saudi Arabia. Obama’s energy plan is to for the U.S. to get 25% of it energy from wind, solar and geothermal energy by 2025. These energy sources account for less than 1% today. Ethanol program was a failure that caused food prices to rise dramatically because many farmers started raising corn instead of more food. Obama should open up the Gulf to off shore drilling and allow drilling in the ANWR. Both oil and coal are proven resources. America needs the XL pipeline. Our country is crisscrossed with pipelines.

  • Jose C

    If this is going to be a money maker I don’t see the need for the government to get involved with financing the project. Let the banks loan the money, they know how to make money. If the government gets involved the project will file for bankruptcy in a couple of years.
    NO MORE GOVERNMENT LOANS.

  • Charlotte Juett

    Have any of you considered that just a week after a Georgia judge rules in favor of Obama being on the Georgia ballot, that all of a sudden all the regulatory hurdles get jumped and Georgia gets the FIRST nuclear power permits issued in over 30 years, and 8 billion of our dollars to help build them. I smell something rotten in Denmark.

    • Old Sarge

      Do you really believe they will be built? As I said earlier, it will be stalled until after the November election. Then they will decide not to allow it. Don’t you people remember how he got Congressman Stupack of Michigan to give the deciding “YES” vote on Obama Care? He promised to immediately sign an executive order that would forbid Federal finding of abortion. After the vote, he forgot all about that promise. Just like the pipeline, these plants are just another pipe dream. Add Georgia to the list of Obama Suckers.

  • http://bobk90.wordpress.com Bobby

    Let me say this so there is No Confusion: I Hate Comrade Obama, his CZAR’s, Political Cronies and all Elitists, who are tearing this Great Nation Down!
    The Truth is this will be the FIRST ACT by our Federal Government since the 1973 Oil Crisis to give us a Real Solution to the Energy Crisis in America!!!
    Everything prior to this Action has been a Joke, from Carter’s Sweater Commercial in front of a Fireplace telling us to set the Thremostat to 68 in the Winter and 72 in the Summer, to Government Regulation on Gas Milage Standards, Lowering the Speed Limit to 55 Mph, to using Fluorescent Light Bulbs, that SUV’s are Gas Guzzlers and all the Rest of the Do as I Say, not as I Do BS they have been telling us for years!
    If Iran & France are building and using Nuclear Reactors for Power, shouldn’t the USA?

    • Old Sarge

      Not if Obama, Greenpeace, and the Serra Club has anything to say about it. Power is just a side bonus for Iran’s reactors. Their main reason is to make nuclear weapons.

    • Wayne Peterkin

      You are absolutely right, except the taxpayer should not be making loans to private companies.

  • Wayne Peterkin

    I am a big supporter of nuclear power, because it’s clean, safe, and far cheaper per megawatt of power produced than coal or even natural gas. However, I do not support taxpayer loans or loan guarantees of any kind. If a power company cannot come up with its own private financing, then we need to award permits to those that can do so. The taxpayer should not be put on the hook for this stuff.

  • ROBERT AUGERI

    WHAT HAS THE DEPT OF ENERGY DONE SO FAR SINCE 1977. GASOLINE ALMOST 4.00 A GALLON. THEY WANT 8.3 BILLION DOLLARS ! THE ONLY THING THEY SHOULD GET ALONG WITH THE 16000 EMPLOYEES MAKING OVER 100,000 DOLLARS A YEAR IS THE BOOT OUT THE DOOR.

  • GeoInSD

    This taxpayer backed loan stuff is nonsense. To award such things, the administration is incompetent and/or crooked. If private sector investors aren’t willing to put money in, it is likely because it is too risky and/or the expected return on investment is too low. Also, and this is big, guaranteeing someone else’s investments is just asking for undue risk and trouble. Why should they be prudent with the money when it is guaranteed that they won’t lose their own money? I find it hard to believe that they are that stupid. Therefore, I suspect there is corruption going on.

  • doug

    the japanese nuke is polluting the world with radiation. what do we do? build some more!!!!

  • ROBERT AUGERI

    CONGRESS SHOULD CUT THE FUNDS TO THE ENERGY DEPT. THE LOST, 16000, JOBS MAKING OVER 100,000 DOLLARS A YEAR THAT DID NOTHING SINCE 1977. LET THE PIPE LINE FROM CANADA COME TO THE US 20,000 PLUS JOBS AND START DRILLING HERE IN THE GOOD OLD USA MORE THAN 100,000 JOBS. WAKE UP AMERICA. I HOPE GOD CAN HELP ALL OF THE FOOLS WHO ELECTED OBAMA WHO IS DESTROYING THIS COUNTRY. HE IS NOTHING MORE THAN AN ILLEGAL, MUSLIM, LIAR, BORN TO LIE TO ALL OF YOU IN AMERICA. THAT IS HIS KORAN.

  • Washington76

    They need to be armed with this! UT Researchers Find China’s Pollution Related to E-Cars May Be More Harmful than Gasoline Cars’ Posted on February 13, 2012

    http://www.utk.edu/tntoday/2012/02/13/researchers-find-ecar-emissions-harmful/