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Trump offers $3.7 billion to support US nuclear project
- 7 years ago (2017-10-02)
- David Flin
The US Energy Department has announced that it is offering $3.7 billion in additional loan guarantees for Southern Co.’s reactor project in Georgia. The conditional guarantees come at a time when Georgia regulators are considering whether to allow the company and its partners to continue building two new reactors at Vogtle after costs rose above $25 billion, amid construction delays partly brought about by the bankruptcy of Westinghouse Electric.
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Southern’s Georgia Power Co. and its partners constructing the Vogtle plant were already in receipt of $8.3 billion in Federally-backed loan guarantees, but asked the Trump Administration for further support.
The US Energy Department announced loan guarantees of $1.67 billion to Georgia Power, $1.6 billion to Oglethorpe Power Corp., and $415 million to three subsidiaries of Municipal Electric Authority of Georgia. Separately, the Energy Department has proposed a rule to help coal and nuclear plants compete in wholesale power markets.