President Barack Obama has announced that Southern Company will receive the first loan guarantee for a new nuclear plant at its Vogtle station in Burke, Georgia.
Obama made the announcement today while visiting the International Brotherhood of Electrical Workers in Lanham, Maryland.
He traveled there to make remarks on energy jobs and to mark the first anniversary of the Recovery Act.
FIRST-EVER NUCLEAR LOAN GUARANTEE
Congress authorized the nuclear loan guarantees in the Energy Policy Act of 2005 to help private utilities get the multi-year financing needed, but this will be the first guarantee granted.
It will be contingent upon Southern's acquisition of a license from the NRC. That license has been undergoing...
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