DOE to close historic $6.5B loan guarantee for Ga. reactors tomorrow -- Moniz
Energy Secretary Ernest Moniz today confirmed the Obama administration will close two federal loan guarantees worth $6.5 billion to support Southern Co.'s construction of two nuclear reactors in Georgia, the country's first new construction in more than 30 years.
Moniz, speaking at the National Press Club in Washington, D.C., said he will travel to Waynesboro, Ga., tomorrow to finalize two loan guarantees for Southern's two $14 billion reactors at Plant Vogtle. The agreement is the first of its kind for the U.S. nuclear industry, according to DOE.
DOE set to back Ga. reactors with billions in loan guarantees
Energy Secretary Ernest Moniz plans to announce the closing of $6.5 billion in loan guarantees for Southern Co.'s Plant Vogtle nuclear project at the National Press club today, according to a source familiar with the details.
DOE will close on two of three of the $8.3 billion in loan guarantees for Vogtle. A third one is pending.
A separate event with DOE, company executives, Georgia utility regulators and other officials is planned at the construction site in southeast Georgia on Thursday, a Georgia Public Service Commissioner confirmed.
Entergy says it plans to keep wholesale reactor fleet
Entergy Corp. said it plans to continue owning and operating a group of wholesale nuclear power plants, even as it sees merit in separating their risks from a utility holding company.
The company looked at a number of alternatives for so-called merchant plants before concluding it intends "to own and operate this fleet for the foreseeable future," Chief Executive Officer Leo Denault said yesterday during an earnings conference call with analysts and investors. The New Orleans-based company still plans to shut the Vermont Yankee nuclear plant.
Former Senate aide will oversee San Onofre decommissioning
The former chief of staff to Sen. Dianne Feinstein (D-Calif.) will oversee Edison International's decommissioning of the shuttered San Onofre nuclear power plant.
Chris Thompson, Edison International's vice president of decommissioning, will be in charge of the process, company subsidiary Southern California Edison Co. (SCE) said yesterday. Thompson joined the utility's corporate parent last August after leaving his position as principal adviser to Feinstein.
Low gas, power prices have nuclear giant mulling closures
Facing competition from cheap natural gas and wind and tepid electricity demand, the nation's largest nuclear operator may decide by the end of the year to shut down unprofitable plants unless they see improved financial performance.
Christopher Crane, Exelon Corp.'s chief executive, believes power markets will eventually recover. But when that will happen no one knows for sure, and money-losing units may not survive unless policies are implemented to reward nuclear generation.