Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Obama to guarantee nuclear industry loans

US President Barack Obama will pledge to guarantee more than £5.3bn ($8.3bn) in loans needed to build the first American nuclear power plant in nearly three decades later today.

Obama will make the remarks today after touring a job training centre at the headquarters of Local 26 of the International Brotherhood of Electrical Workers in nearby Lanham, Maryland.

The union represents electrical and telecommunications workers, and it offers training useful for energy jobs, including the construction of nuclear power plants.

Obama is expected to announce a total of $8.3bn in federal loan guarantees to build and operate a pair of reactors to be built in Burke, Georgia, by Southern, an administration official said a source close to the deal said on Monday.

Federal loan guarantees are seen as essential to spurring construction of new reactors because of the huge expense. Critics say the guarantees are a form of subsidy that will put taxpayers at risk given the industry’s record of cost overruns and loan defaults.

The reactors, to be built by the Atlanta-based energy company, are part of a White House plan the administration hopes will win Republican support at a time when the public is expressing a desire for lawmakers to work together to solve problems.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Please note comments made online may also be published in the print edition of New Civil Engineer. Links may be included in your comments but HTML is not permitted.