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Nuclear Energy Institute will “aggressively” pursue tax-payer money in 2011

nuclear plant expansion projects that are in negotiations with the US Department of Energy and NEI will be “aggressive” in pursuing that money during fiscal 2011

Nuclear industry expects to get more US loan guarantee authority: NEI Washington (Platts), William Freebaim, –10 Feb2011 The Nuclear Energy Institute expects that additional nuclear power loan guarantee authority will be approved by Congress in a fiscal 2011 continuing resolution, though NEI President and CEO Marvin Fertel Thursday acknowledged “it’s not going to be easy.”

Fertel told reporters at a briefing in New York that he has been meeting with US senators and representatives for weeks to convince them that nuclear loan guarantees should generate revenue and deserve expansion. An additional $10 billion is needed to fund the three nuclear plant expansion projects that are in negotiations with the US Department of Energy and NEI will be “aggressive” in pursuing that money during fiscal 2011, Fertel said.

A new Congress will focus on cost-cutting and may be tangled in partisan disputes after elections in November changed control of the House of Representatives, Fertel said. “It’s clear this is a high-friction environment,” he said…….
House Republicans on Wednesday proposed cutting the budget for energy loan guarantees by $1.4 billion. Fertel said those cuts may end up focusing mostly on non-nuclear guarantees, and there is bipartisan support for nuclear energy.

Fertel said the industry is also lobbying to make the credit subsidy fee more accurately reflect the risk to the government for backing nuclear plant loans.

The current method used to calculate the fee underestimates the amount that could be recovered in case of a default, producing higher fees that hurt merchant nuclear developers, Fertel said during an annual briefing for Wall Street analysts in New York…….
Fertel also said the nuclear industry has been in talks with government to improve the ability of US nuclear companies to compete for foreign nuclear technology business. The initiative will streamline US export control regulations, provide financial incentives to companies expanding the domestic sources for parts and components and ensure that nuclear cooperation agreements with other countries do not include provisions that keep US suppliers from selling to international markets, Fertel said.Nuclear industry expects to get more US loan guarantee authority: NEI – Electric Power | Platts News Article & Story

February 11, 2011 - Posted by Christina Macpherson | marketing of nuclear, politics, USA