nuclear-news

Government -run Tennessee Valley Authority (TVA) to sell Alabama Nuclear Complex at a big loss

Feds To Sell Alabama Nuclear Complex,Losing 99% Of Investment, The Daily Caller , 6 May 16 ANDREW FOLLETT Energy and Environmental Reporter

The government-run Tennessee Valley Authority (TVA) voted Thursday to sell off the Bellefonte nuclear power plant in Alabama for about $36.4 million — after the agency invested $6 billion in the project that produced no electricity.

“Our analysis of the property and its potential uses, and input from public officials, customers and Valley residents, indicate that offering the property for sale could better serve the public,” Bill Johnson, the TVA’s president, told the Times Free Press…….

For the last 40 years, the TVA has tried to build two new nuclear reactors at Bellefonte, even completing the majority of the work on both of them. The agency invested $6 billion in the site before construction was shut down. The new property appraisal estimates the site and its facilities will sell for a mere $36.4 million.

Other nuclear reactors around America have suffered similar fates. Vermont and Wisconsin both lost nuclear plants due to competition from cheap natural gas and the San Onofre reactor in California was shut down due to safety concerns, as was the Crystal River reactor in Florida. The world’s largest nuclear plant operator, Électricité de France, withdrew from a joint venture in 2013 due to falling power prices after it had invested billions. If the venture had gone through, it would have created three new American nuclear plants………http://dailycaller.com/2016/05/06/feds-to-sell-alabama-nuclear-complex-losing-99-of-investment/

May 9, 2016 - Posted by Christina Macpherson | business and costs, politics, USA