Obama's New Nuclear Power Plants
Paul C. Kadzielski
United States President Barack Obama announced on February 16th that the United States Department of Energy is authorizing 8.3 billion dollars in loan guarantees to build two new nuclear power plants in Georgia. The loan guarantees cover 70% of the total building costs of the two new plants, which will be built as an extension to an existing facility. The utilities company receiving the loan is Southern Company. It has been over 30 years since the last nuclear power plant was built in America. The Obama administration claims that the plants will provide an estimated 3,500 temporary construction jobs and approximately 800 permanent jobs. In his remarks, President Obama stated, "Whether it’s nuclear energy, or solar or wind energy, if we fail to invest in the technologies of tomorrow then we're going to be importing those technologies instead of exporting them." Estimates vary but the plants are expected to come online between 2016 and 2017.
- Loan Guarantees: when the national government guarantees that a loan will be repaid. If the loan is not repaid then the national government pays off the loan.
- Argument for: Nuclear energy is a safe and efficient way to provide energy. The loans will also help boost the demand for highly trained professionals and the local economy. The plants will cut carbon emissions drastically. The Nuclear Energy Institute says that the chance of a default on this specific loan is low.
- Argument Against: Nuclear power produces nuclear waste, which is dangerous for a minimum of thousands of years. The Congressional Budget Office estimates that loans for nuclear energy have over a 50% chance of defaulting and the government cannot afford to risk 8.3 billion.
- How it affects LMU Students: The Obama administration plans on investing approximately 54 billion in nuclear energy. These projects will require workers with advanced degrees in math and science.
Additional Reading:
-http://blogs.suntimes.com/sweet/2010/02/obama_wants_to_invest_in_nucle.html
-http://tonto.eia.doe.gov/energyexplained/index.cfm?page=electricity_in_the_united_states
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