Word: loaned
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Dates: during 2010-2019
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Maybe it's that simple to President Obama - whose Administration estimates that the two new reactors in Georgia, which will receive the federal loan guarantees, will generate nearly 800 new jobs - but many greens feel uneasy about a policy that diverts scarce federal energy funds toward a technology that still has unresolved environmental risks and that has struggled for years to attract private capital. "The Department of Energy is putting taxpayers on the hook for bailing out costly and dangerous nuclear-reactor projects when the loans used to finance those projects default," said Ben Schreiber, the climate- and energy...
...when it comes to using nuclear power at home, Obama evidently feels a lot friendlier. Speaking at a job-training center in Lanham, Md., the President announced more than $8 billion in federal loan guarantees for the construction of the first nuclear power plants in the U.S. in more than 30 years. "To meet our growing energy needs and prevent the worst consequences of climate change, we'll need to increase our supply of nuclear power," said Obama. "It's that simple." (See pictures of the effects of global warming...
...State of the Union speech, he dedicated prime space to hyping nuclear power - and on Tuesday, Feb. 16, he reiterated the need for a "new generation of safe, clean nuclear power plants in America." His proposed budget, released at the start of the month, would triple existing loan guarantees for new nuclear plants. While Obama has still done more to promote renewable energy than did any President before him, environmentalists are increasingly worried that greener sources like solar and wind are being downplayed in favor of nuclear, clean coal and biofuels - all centralized technologies that appeal to conservatives...
...Obama really can pull Republican votes for climate legislation, nuclear support might be a worthwhile price. And because the money is a loan guarantee, if the plants are built on budget and succeed, the funds would be reimbursed to taxpayers. But some environmentalists point out that there's a reason no American nuclear plants have been built in more than three decades: the projects tend to be hit with construction delays, and the Congressional Budget Office (CBO) estimates that the risk of default on a new nuclear plant is higher than 50%. In a conference call with reporters, Energy Secretary...
...goal now, European officials say, is to try to contain the crisis to keep it from spreading beyond Greece's rocky shores by creating a so-called "firewall" around the country. In Berlin, officials said talks were underway about the possibility of offering loan guarantees to Greece and other heavily indebted eurozone countries, such as Spain and Portugal. Other governments have mentioned the possibility of buying Greek bonds from the primary or secondary markets. Finance ministers from the 16 eurozone countries held an emergency videoconference to discuss how to deal with the situation Wednesday, and the issue was expected...