Energy Chief Offers Nuclear Incentives

[jpak]

http://www.lasvegassun.com/sunbin/stories/bw-exec/2006/aug/04/080400138.html

ATLANTA (AP) - The nation's energy chief announced a plan Friday to provide incentives to companies willing to build the first new nuclear plants in 30 years, offering $2 billion in federal insurance for construction of six plants.

"I think it's time for the nation that invented this technology to reassert its leadership," Energy Secretary Samuel Bodman said.

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Bodman said 12 utilities are expected to file papers over the next three years to build 18 reactors. The insurance plan would provide up to $500 million in coverage for the first two plants and up to $250 million for the next four plants.

"This program is crucial, we believe, to reinvigorating the American nuclear power industry," Bodman told Georgia Power Co. employees during a visit to Atlanta.

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[Lindacooks]

1. Can you imagine what $2 billion in subsidies would do for the

solar and wind energy industry??????

I am so sick of nuclear plants being so heavily subsidized. If alternate energy had been as heavily subsidized, I think we'd be well on our way to being energy independent.

[jpak]

2. That's just the tip of the iceberg

There are $6 billion in production credits available - taxpayers will pay the first 6 nuclear plant operators 1.8 cents per kWh to produce electricity.

...and taxpayer guaranteed loans for up to 80% of the cost of the first 6 new plants.

...and taxpayers are paying 50% of the cost of each licence application.

This "insurance" incentive will pay nuclear plant operators up to $500 million if the Nuclear Regulatory Commission halts construction of the plants over safety issues.

Total CheneyBucks for these 6 new plants are $9-12 billion.

And they say that nuclear power is a "mature" energy industry...

[Lindacooks]

3. I think this discussion should be cross-posted in GD; it's very important.

And I like the 'CheneyBucks'!! Kind of like 'Disney Dollars' for rich energy barons.