Marketplace is a public service newsroom powered by you. Give Now

Federal loan guarantees boost nuclear energy projects

Scott Tong Mar 27, 2019
HTML EMBED:
COPY
Aerial view of the Alvin W. Vogtle Electric Generating Plant. Charles C Watson Jr./Wikimedia

Federal loan guarantees boost nuclear energy projects

Scott Tong Mar 27, 2019
Aerial view of the Alvin W. Vogtle Electric Generating Plant. Charles C Watson Jr./Wikimedia
HTML EMBED:
COPY

The nuclear energy industry — struggling to compete against low-cost natural gas and renewable energy —  is hoping a new $3.7 billion loan guarantee from the Trump Administration will provide a shot in the arm. Last Friday, Energy Secretary Rick Perry visited the Vogtle nuclear project in Georgia, where he pledged additional guarantees to increase the total federal loan amount to $12 billion, and said the administration would help revitalize and expand the U.S. nuclear industry.

But the industry still faces challenges: the Vogtle project, three years overdue and vastly over budget, is the country’s first nuclear energy construction project in more than 30 years. Already, analysts at Morgan Stanley say there is a “very good chance” project costs will jump another $2.1 billion.

There’s a lot happening in the world.  Through it all, Marketplace is here for you. 

You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible. 

Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.