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Running on empty Beyond Nuclear Linda Gunter 26 Sept 08 With the retreat of the “Gang of 20” in the Senate last week – where a bill that would have included unlimited federal loan guarantees for nuclear energy was never introduced

– will the failing economy now spell the end of heavily subsidized nuclear energy expansion plans?

Not necessarily.

Although the push for unlimited loan guarantees has been staved off, the previously approved nuclear loan guarantees lurch forward. The Energy Policy Act of 2005 approved nuclear loan guarantees, and in December 2007, Congress and President Bush approved $18.5 billion in federal loan guarantees for new reactors (and an additional $2 billion for new uranium enrichment)………………………

DOE admitted this week that $18.5 billion would build just two new reactors. However, DOE seems poised, along with the nuclear power industry’s army of lobbyists, to continue to seek expanded, or even unlimited, nuclear loan guarantees..

For example, Platt’s reported this week that, given the crises on Wall Street, DOE’s assistant secretary for nuclear energy, Dennis Spurgeon, said that “government” (meaning taxpayers) may need to take on an even bigger role in financing the “nuclear renaissance.” ……………………….

Despite what’s being described as a financial “meltdown,” the real risk of meltdown – due to expanded nuclear power in this country propped up by multi-billion dollar taxpayer subsidies – is routinely ignored in the press.

All the more reason to remain vigilant lest the nuclear industry and its friends in government attempt quiet money grabs as part of the Wall Street bailout plans, or hidden in energy or climate bills.

Tags: Althoughthe push for unlimited loan guarantees has been staved off, the previously approved nuclear loan guarantees lurch forward. The Energy Policy Act of 2005 approved nuclear loan guarantees, and in December 2007, Congress and President Bush approved $18.5 billion in federal loan guarantees for new reactors (and an additional $2 billion for new uranium enrichment)………………………

September 26, 2008 - Posted by Christina Macpherson | business and costs