Nuclear Projects Face New Financing Hurdles
Georgia's Municipal Electric Authority plans to borrow more than $2.5 billion this week to help finance the state's share of two new nuclear reactors.
The money would go toward the proposed $14-billion expansion at Southern Company's Vogtle plant outside Augusta. The subsidies would supplement more than $8-billion in conditional loan guarantees the federal government offered to the owners of the proposed project last month.
The move comes as utilities look for additional financing for the next generation of nuclear plants. Even with the federal loan guarantees, utilities are having difficulty securing private financing.
The Washington Post reported Tuesday that utilities are now asking states for the ability to charge customers higher rates during construction. Utilities argue that such financing can save billions in project costs, but the idea doesn't sit well well with major industrial users.
They're fighting the higher rates, casting doubt on projects in Missouri, South Carolina and Texas.
Source: The Washington Post
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