Obama Pushes to Build First Nuclear Power Plant in Almost 30 Years (SO)
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President Barack Obama announced Tuesday $8.3 billion in loan guarantees to build the first nuclear power plant in the U.S. in nearly three decades. Obama said that the move will help advance climate legislation on Congress.
The potential creation of new nuclear power plants will help the nation reduce its dependence on fossil fuel and help the fight by the country against climate change.
The loan will guarantee aid for Southern Co. (NYSE: SO) to build reactors at a plant in Georgia. The reactors will be located in Burke County, including one in Augusta.
“Even though we’ve not broken ground on a … new nuclear power plant in thirty years, nuclear energy remains our largest source of fuel that produces no carbon emissions,” Obama said in a speech in Lanham, Maryland. "To meet our growing energy needs and prevent the worst consequences of climate change, we'll need to increase our supply of nuclear power. It's that simple.”
For nuclear reactors to be possible, the commitment of government funds will be essential due to the high cost of construction.
The announcement by the President is being viewed as an attempt to reach out to Republicans, as well as to move the country away from its reliance on foreign oil and create job at home. When finalized, the project could create a plethora of construction jobs, and the reactor facilities would provide power to 1.4 million people and permanently employ 850 people.
Still, the process of creating reactors will likely not create jobs for several years as substantial time will be required to clear the red tape.
The presidents total allocation for building nuclear reactors over the next few years is $54.5 billion, which would be enough to build six to seven facilities that cost at least $8 billion per.
Currently the 104 nuclear reactors in the U.S. provide around 20 percent of the nation’s electricity.
The potential creation of new nuclear power plants will help the nation reduce its dependence on fossil fuel and help the fight by the country against climate change.
The loan will guarantee aid for Southern Co. (NYSE: SO) to build reactors at a plant in Georgia. The reactors will be located in Burke County, including one in Augusta.
“Even though we’ve not broken ground on a … new nuclear power plant in thirty years, nuclear energy remains our largest source of fuel that produces no carbon emissions,” Obama said in a speech in Lanham, Maryland. "To meet our growing energy needs and prevent the worst consequences of climate change, we'll need to increase our supply of nuclear power. It's that simple.”
For nuclear reactors to be possible, the commitment of government funds will be essential due to the high cost of construction.
The announcement by the President is being viewed as an attempt to reach out to Republicans, as well as to move the country away from its reliance on foreign oil and create job at home. When finalized, the project could create a plethora of construction jobs, and the reactor facilities would provide power to 1.4 million people and permanently employ 850 people.
Still, the process of creating reactors will likely not create jobs for several years as substantial time will be required to clear the red tape.
The presidents total allocation for building nuclear reactors over the next few years is $54.5 billion, which would be enough to build six to seven facilities that cost at least $8 billion per.
Currently the 104 nuclear reactors in the U.S. provide around 20 percent of the nation’s electricity.
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