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Posts Tagged ‘Loan Guarantees’

“Clean Energy” Bank Bill would enable unlimited taxpayer funding of new nuclear reactors

Posted in Nuclear, tagged , , , , on May 26, 2011 |

SENATE ENERGY COMMITTEE TO CONSIDER “CLEAN ENERGY” BANK BILL MAY 26, 2011

ACT NOW TO BLOCK “CEDA”!

The Senate Energy Committee is scheduled to consider today–May 26, 2011–a bill establishing a new “clean energy” bank called the Clean Energy Development Administration (CEDA).

Unfortunately, this “clean energy” bank is anything but a source for funding genuinely clean energy. In fact, both new nuclear reactors and certain coal projects would be eligible for unlimited taxpayer backed loans if this bank were to be realized.

Take action now: tell your Senators to reject CEDA unless nuclear power and coal are removed.

Please act quickly and tell your Senators–especially if they are on the Energy Committee (members listed below)–to reject CEDA as currently written. There is nothing “clean” about nuclear power and they have a 50% default rate on financing for new plants.  A glance at any photo of Fukushima should make it clear that “clean” can no longer be considered a way to describe nuclear power. Unless nuclear power and dirty coal are taken out of the CEDA program, it should be defeated.

If one of your Senators is on the Energy Committee (members listed below), please also call him/her today and urge him/her to reject CEDA unless nuclear and coal are removed from the program. Senate switchboard: 202-224-3121.

Senate Energy Committee
Democrats:    
Chairman Jeff Bingaman (NM)
Ron Wyden (OR)
Tim Johnson (SD)
Mary L. Landrieu (LA)
Maria Cantwell (WA)
Bernard Sanders (I) (VT)
Debbie Stabenow (MI)
Mark Udall (CO)
Jeanne Shaheen (NH)
Al Franken (MN)
Joe Manchin (WV)
Christopher A. Coons (DE)
   
Republicans:
Lisa Murkowski (AK)
John Barrasso (WY)
James E. Risch (ID)
Mike Lee (UT)
Rand Paul (KY)
Daniel Coats (IN)
Rob Portman (OH)
John Hoeven (ND)
Dean Heller (NV)
Bob Corker (TN)

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The Next Big Bailout: Not a Done Deal

Posted in Energy, Nuclear, tagged , , , , , , , , , on February 25, 2010 |

Original post can be found at our DC “Citizen Energy” blog

[youtube=http://www.youtube.com/watch?v=3mjqSE1ouyM]

President Obama wants to triple the loan program for construction of new nuclear reactors, to $54 billion.

The nuclear loan guarantee program commits taxpayers to not only underwrite risky nuclear reactor projects, but also allows wealthy nuclear utilities to borrow the money from the government’s Federal Financing Bank- funds for this bank come directly from the U.S Treasury. You might want to read that again.

If you are struggling with the absurdity of a program that allows taxpayer dollars to both guarantee and provide direct loans for billion dollar projects that the Congressional Budget Office has found will default 50% of the time, you are not alone.

On February 25th, Public Citizen and several ally organizations are calling on their members to tell Congress to stop the tripling of the nuclear loan program. The proposal to expand this ill-conceived program is not a done deal. So, please join us to stop this boondoggle. You can reach all of your Congress members at 202-224-3121.

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By promoting cleaner energy, cleaner government, and cleaner air for all Texans, we hope to provide for a healthy place to live and prosper. We are Public Citizen Texas.

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CPS/NRG Settlement Shows Nuclear Power Too Costly, Too Risky

Posted in Nuclear, tagged , , , , , , , , , , , , on February 17, 2010 |

Statement of Tom “Smitty” Smith, Director, Public Citizen’s Texas Office

Today’s announcement that as a part of a settlement with NRG Energy, CPS Energy will withdraw its application for a federal loan guarantee for the South Texas (Nuclear) Project (STP) expansion and end further investment in the project demonstrates nuclear plants are too costly and too risky to build.

CPS Energy and the San Antonio City Council have signaled their desire to stop throwing good money after bad at STP, a message we hope will tell the U.S. Department of Energy that this plant is a poor candidate for federal loan guarantees. This debacle should show the federal government that nuclear loan guarantees are a fundamentally flawed and wasteful use of taxpayer money.

At $18.2 billion, the cost of STP has already tripled in just a year. When STP 1 and 2 were built, they ended up being six times over-budget and eight years behind schedule, and STP 3 and 4 look like they are on track to beat out that poor performance record.

Today’s announcement is a victory for the many citizens of San Antonio that have worked so hard in the last year to bring openness and accountability to the city’s participation in this project. We applaud CPS for wisely seeing the futility of wasting more time and energy on this flawed nuclear endeavor. We hope that they will be satisfied with the deal they’ve gotten and avoid the temptation to increase their ownership in the project. CPS has finally reached a settlement that shields San Antonio ratepayers from the financial risks of yet another nuclear deal gone wrong. Any future investment would throw that protection to the wind.

On Thursday, the City Council will vote on a proposed rate increase for CPS. The City Council should put a firewall in that proposal to ensure that no unauthorized money will be siphoned off to buy a bigger stake in STP.  San Antonio can’t afford to let this rate increase become a back door to continued nuclear investment.

We also have to wonder how NRG will move forward, without another clearly delineated partner in the project. Less than a month ago, NRG announced that if CPS “does not meet future obligations representative of its ownership interest in the site”, they “will wind down the project as quickly and as economically as possible.” We certainly hope that NRG CEO David Crane will remain true to that expressed intent to protect his shareholders from the next financial failure in a long historic line of overly expensive, poorly executed nuclear projects.

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By promoting cleaner energy, cleaner government, and cleaner air for all Texans, we hope to provide for a healthy place to live and prosper. We are Public Citizen Texas.

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“Clean Energy Bank” to Write Blank Check for Nuclear Industry

Posted in Energy, Nuclear, tagged , , , , , , , , , , , , , on May 18, 2009 |

nukeblankcheckBuried in the language of the “Clean Energy Bank” legislation sponsored by Senate Energy Committee Chairman Jeff Bingaman and Rep. Jay Inslee (D-WA) is a blank check to the nuclear industry.

This bill includes unlimited availability of taxpayer loan guarantees for construction of new nuclear reactors.

Unlimited guaranteed loans.  As in, as many as the industry could possibly want, no matter the cost, no matter the default rate.  Which for the record, is 50% according to the Congressional Budget Office.

This is one of the most audacious, nasty, pork-laden bill I have heard of in a really long time.  How do they even think that they can get away with this?

Write your House member and Speaker Nancy Pelosi now. And then forward this message to everyone you can think of.

For more information on the “clean energy” bank, check out this NIRS post on Daily Kos.

Since our own Senator Kay Bailey Hutchison is encouraging lawmakers to give the nuclear industry even more money, it is more important than ever that we make sure folks on the Hill know that Not All Texans support nuclear power.  Make your voice heard today!

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Stimulus Package is Kosher!

Posted in Global Warming, tagged , , , , , , , , , , on February 12, 2009 |

Just last night the House and Senate came to agreement: a $789 billion Stimulus Package with no traces of nuclear pork! The $50 billion in federal loan guarantees that could have been used by nuclear and coal industries have been carved out.No Nuclear Pork

Thank you, Legislators, for finally seeing that the nuclear sector will not contribute to jobs, nor is it a better alternative for the environment!

Kevin Kamps from Beyond Nuclear says:

This monumental waste of money had to end. The nuclear energy industry cannot solve the climate crisis and fattening the nuclear calf has deprived real energy solutions like renewable energy and energy efficiency programs from essential support for decades.

And a double fist pump for all of the 243 environmental, consumer, and religious organizations that rallied together and sent a joint letter to Senators stating their “dismay and anger over the inclusion by the Senate Appropriations Committee of a provision in the economic stimulus bill to provide up to $50 billion in additional taxpayer loan guarantees that could be used for construction of new nuclear reactors and ‘clean coal’ plants.”

No more nuclear pork!

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Did the Senate rob schoolchildren and give the money to Mr. Burns?

Posted in Nuclear, tagged , , , , , , , , on February 10, 2009 |

During much of the debate over the stimulus in the Senate, the argument was made that it was simply too large and porky. I failed to see the logic of the stimulus being “too big” when the Senate Appropriations Committee strained at a few smaller points and then inserted big, porky $50 billion of loan guarantees for the nuclear industry.

Then the debate shifted and they started stripping more pieces out of the stimulus, including money for education and school energy efficiency retrofits.

Does that mean that that they robbed schoolchildren and gave the money to Mr. Burns?

You be the judge:

Stimulus spending on:

House

Senate
Tax credits for Renewable Energy $13 billion $13 billion
Nuclear Loan Guarantees 0 $50 billion
Energy Efficiency upgrades for homeowners $6.2 billion $2.9 billion
Energy Efficiency and modernization upgrades for schools $21 billion 0
Fossil Fuel R&D (clean coal) 0 $4.6 billion
“Smart Grid” technology $11 billion $11 billion
Loan subsidies for renewable energy 0 $8.5 billion
Advanced battery systems research 0 $8.5 billion

Source: AP

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60 Day Clock For Nuclear Opponents Starts Ticking

Posted in Global Warming, tagged , , , , , , , , , , , , , , , , , , , , , , on February 6, 2009 |

hourglassHey Look!  A press release from SEED Coalition and Public Citizen:

60 Day Clock For Nuclear Opponents Starts Ticking;
Luminant Moves Forward Toward Expansion of Comanche Peak Nuclear Plant
Reactor Design Not Ready for Primetime

The Nuclear Regulatory Commission posted notice today on the federal register of Luminant’s application to build two reactors at the Comanche Peak nuclear plant site, southwest of Fort Worth. Citizens now have only 60 days to prepare and present their legal case in opposition.

The reactor design (US-APWR) has not been approved by the NRC and it has never been built anywhere in the world. Mitsubishi Heavy Industries Ltd. submitted the US-Advanced Pressurized Water Reactor (US-APWR) for design certification on December 31, 2007, but the review will take the NRC at least until 2011 to complete.

“This fast-tracked combined construction and operating license process was rationalized based on the assumption that new reactors would only use pre-certified designs, but the Comanche Peak reactor design is not approved yet. Not only does this put a huge burden on the public to quickly learn what’s happening and become involved within only 60 days, but it also puts pressure on the NRC to rubberstamp designs that should have extra scrutiny,” said Smith.

“The streamlined process is designed to cut citizens out and limit public involvement in the licensing of two reactors that could cost $22 billion before cost overruns,” said Karen Hadden, executive director of the Sustainable Energy and Economic Development (SEED) Coalition. “It makes the fast-tracking of TXU’s coal plants in Texas look slow.”

Comanche Peak Unit One ran ten times over budget and was years late coming online. An untested reactor design increases the likelihood of similar problems occurring again and soaring rate hikes that would result.

“If safety was a real concern, the three processes all occurring simultaneously would be take one at a time. This rush increases risks of safety oversight and problems from faulty design and construction” said Hadden. “Reactor designs should be analyzed first, and if and when the NRC deems them adequate, a construction license application should be allowed. If the plant has no major construction flaws after completion, then the operating license should be decided.” (more…)

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No Time for “Pork”

Posted in Global Warming, tagged , , , , , on February 2, 2009 |

nuclearmoney1

In the dark of the night on January 27, a hefty provision was snuck through the Senate Appropriations Committee. It would expand the current loan guarantee program by providing $50 billion in taxpayer backed loan guarantees for “eligible technologies”.

The handout is likely to be directed at new nuclear reactors and “clean coal”- technologies that undermine the spirit of a bill intended to stimulate a new green economy that boost “shovel-ready” projects and creates jobs within the next two years.

Please call you Senators and tell them to strip the Senate economic stimulus bill of subsidies intended to underwrite nuclear power and “clean coal.” Tell them to remove the $50 billion loan guarantee provision!

We don’t have much time – the Senate will start debating the economic stimulus today. You can find your member of the Senate here.

Please, call your Senators now and demand that unnecessary “pork” be pulled out of the bill. Then fill out this letter  to let us know who you called and how it went.

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Nickel and Dime your way to a nuke: an update on San Antonio

Posted in Energy, Nuclear, tagged , , , , , , , , , , on January 22, 2009 |

CPS committed to spend $60 million more on the proposed expansion of the South Texas Nuclear Project at its Board of Trustees meeting on Tuesday, which brings the city utility’s total expenditures on units 3 & 4 to $267 million.

The construction and operating license still languishes at the NRC, almost a year and a half after being submitted.

Somewhat lost amid the honorings, approvals, and statements of the Board meeting was the fact that STP 3 & 4 ranking for DoE’s loan guarantees has slipped from #1 to #3 (out of 14).  Updated rankings will be out in March.  3rd seems respectable.  It’s a bronze medal, right?  Well, there’s only $18.5 billion slotted for loan guarantees and each reactor can cost $6-who-knows-how-many-billions.

Gschwartz’s piece on this week’s Board of Trustees meeting sums things up pretty well on SA Current’s Queblog.  The Express-News touched on it here and here.

-Matt

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