Tags: obama | nuclear | reactors | financing

Obama to Announce Financing for Nuclear Reactors

Monday, 15 Feb 2010 06:14 PM

 

WASHINGTON — President Barack Obama will announce on Tuesday plans for the government to help finance the construction of two nuclear reactors -- the first in nearly 30 years, a top U.S. official said.

Obama, who has advocated reducing foreign energy dependency and cutting back on greenhouse gases, will use a 2005 law that authorizes the Energy Department to guarantee loans to projects that help reduce greenhouse gas emissions.

Obama "has long believed that nuclear power should be part of our energy mix," a senior administration told AFP, speaking on condition of anonymity.

The $18.5 billion in existing loan guarantee authority will be used to help finance the construction and operation of two new nuclear reactors at a Southern Company plant in Burke, Georgia.

There have been no new nuclear power plants built in the United States since the 1979 Three Mile Island nuclear accident in the eastern state of Pennsylvania.

Currently only 20 percent of the country's energy needs are met by nuclear power.

The operation will result in some 3,000 construction jobs, and eventually some 850 permanent jobs, the official said, citing company figures.

According to the official, Obama's 2011 budget "triples loan guarantees for nuclear-power plants to more than $54 billion."

© AFP 2015

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Snowstorm Threatens to Paralyze Northeast for Days

Monday, 26 Jan 2015 18:12 PM

Tens of millions of people along the Philadelphia-to-Boston corridor rushed to get home and settle in Monday as a fearso . . .

Sen. Ayotte: Trading Terrorists for Citizens Sets Bad Precedent

Monday, 26 Jan 2015 22:23 PM

Sen. Kelly Ayotte told Fox News she is glad Rep. Duncan Hunter is asking questions about the timing of the release of an . . .

CIA Officer Convicted of Leaking Secrets to NYT's James Risen

Monday, 26 Jan 2015 16:01 PM

A former CIA officer was convicted Monday of leaking details of a covert mission to derail Iran's nuclear program in a c . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved