Obama to announce loan guarantee for US nuclear plant

By ASSOCIATED PRESS
February 16, 2010 12:51

 
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WASHINGTON — US President Barack Obama will announce a guarantee of $8.3 billion (€6.1 billion) in loans for the first new US nuclear power plant in nearly three decades, underscoring the administration's efforts to reduce dependence on foreign oil.

Obama was to make remarks Tuesday after touring a jobs center in Maryland. He was expected to announce the loans to build and operate a pair of reactors in Burke, Georgia, by Southern Co., an administration official said Monday.

The official spoke on condition of anonymity ahead of Obama's announcement.

Federal loan guarantees are seen as essential to spurring construction of new reactors because of the huge expense. Critics say the guarantees are a form of subsidy that will put taxpayers at risk given the industry's record of cost overruns and loan defaults.

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