A one-sentence provision buried in the Senate’s recently passed energy bill, inserted without debate at the urging of the nuclear power industry, could make builders of new nuclear plants eligible for tens of billions of dollars in government loan guarantees.Nuke proponents like to claim it's the answer to global warming. Click the label, below, for more on that. But here's the kicker:
Lobbyists have told lawmakers and administration officials in recent weeks that the nuclear industry needs as much as $50 billion in loan guarantees over the next two years to finance a major expansion.
The biggest champion of the loan guarantees is Senator Pete V. Domenici of New Mexico, the ranking Republican on the Senate Energy Committee and one of the nuclear industry’s strongest supporters in Congress.
Power companies have tentative plans to put the 28 new reactors at 19 sites around the country. Industry executives insist that banks and Wall Street will not provide the money needed to build new reactors unless the loans are guaranteed in their entirety by the federal government.If the market can't support the industry, that alone should prove it's a waste.