"Burning money" graphic by Gene Case, Avenging AngelsAs reported by the Washington Post, "20 of 30 clean-energy projects that got loans are generating revenue." The article refers to the federal energy loan guarantee program.
In fact, as reported," In California, Tesla Motors has flourished, paying back a $465 million loan nearly 10 years early."
Congressional Republicans had attempted to make a lot of hay out of the "Solyndra scandal," a solar loan guarantee that defaulted, costing federal taxpayers $435 million.
Even now, as the article reports, Rep. Fred Upton (R-MI), chairman of the House Energy and Commerce Committee, says "We are not out of the woods by any stretch. Our oversight efforts will continue as problems still persist, and more needs to be done to protect billions of dollars in taxpayer interests."
But as much noise as Upton and his Republican colleagues have made, for years, about Solyndra, they have had nothing to say about the Vogtle 3 & 4 nuclear loan guarantee. Awarded by the Obama administration to Southern Nuclear and its partners, the $8.3 billion federal taxpayer-backed loan guarantee (and loan -- it comes from the taxpayer-funded U.S. Finance Bank) for two proposed new reactors in Georgia represents 15 times more taxpayer money at risk than was lost at Solyndra. And the risk of loan default at Vogtle 3 & 4 is significantly higher than the risk that the Solyndra was initially deteremined to have been.
But then again, Upton is one of the nuclear power industry's "best friends in Congress," as documented over the years by Beyond Nuclear in a two-page summary; a full-length backgrounder; and supporting documents, showing individual campaign contributions to Upton, tied to the nuclear power industry, as well as nuclear power industry-related political action committee campaign committee (PAC) campaign contributions made to Upton. In return for the favors, Upton has long supported nuclear power industry lobbying priorities at every turn.
Upton went so far as to sponsor a bill in 2009 that would have defined nuclear power as "renewable energy." His bill fell just short of passage in the Energy and Commerce Committee, when four pro-nuclear Democrats (such as Barrow from Georgia) supported it. It is all the more ironic, and telling, then that Upton opposes renewable loan guarantees, but supports nuclear power loan guarantees.