New Friends of the Earth Ad Ties Nuclear Loan Guarantees to Bush Bailout

Loan guarantees sought by nuclear industry for reactor construction amount to ‘preemptive bailout,’ with expected default rate of 50 percent or higher

WASHINGTON , D.C. —A new ad from Friends of the Earth accuses nuclear industry lobbyists of seeking a “preemptive bailout” from Congress in the form of risky, taxpayer-backed loan guarantees from Congress.

“First the government bails out the banks, now all of Wall Street, at a cost of over 1 trillion dollars. So why would taxpayers ever risk billions to build nuclear power plants?” the ad asks. “With cheaper, safer alternatives, why is Congress even considering a preemptive bailout for nuclear power?”

Nuclear industry executives admit that nuclear power is so financially risky that federal loan guarantees are  the only way new plants will get built…………

The Industry  never stops trying to grab Federal and State funding for new plants . In Florida, Georgia , the Carolinas and elsewhere are winning  “CONSTRUCTION WORK IN PROGRESS’,(CWIP) funding that allows them to charge ratepayers (not stockholders) for reactor construction even as the plants are being built and without guarantees of how much these projects will actually  cost or when they will open IF EVER

What a deal………….you pay either way !!! CWIP incorporated in your rates, and  your taxes pay for corporate bailout whether the plant is ever finished or not ! And you have no voice in the decision making process. Our elected officials agree to this deal*

It you would like to be removed from this list let me know

*They passed Cheney’s energy bill,

and when I was an intervener in Delaware’s Summit nuclear power plant “Construction Work in Progress” was allowed in Delaware.