"Burning money," graphic by Gene Case of Avenging Angels, used with permissionSouthern Alliance for Clean Energy (SACE) has re-posted on its website an op-ed by Kennedy Maize that originally ran in PowerMag, severely questioning the wisdom of U.S. taxpayers not only guaranteeing $8.3 billion in federal loans for the construction of the proposed new reactors at Vogtle 3 & 4 in Georgia, but making the loan outright (via the federal taxpayer-funded U.S. Finance Bank).
The Vogtle 3 & 4 partners have now been granted a 7th extension to the deadline for signing on the dotted line. President Obama himself announced the loan guarantee award offer in Feb. 2010, but the nuclear utility companies have been unwilling to sign on the dotted line for four years now -- afraid to put any of their own skin in the game, given the very high financial risks of the project.
If the project's proponents have so little confidence in their own proposal, why should federal taxpayers be asked to shoulder the risks, and be left holding the bag in the event of a default on the loan repayment?! The Vogtle 3 & 4 nuclear loan guarantee involves 15 times the amount lost on the Solyndra solar loan guarantee, only the Vogtle 3 & 4 nuclear loan guarantee is at a significantly higher risk of default than was the Solyndra solar loan guarantee!
There is still time to take action in opposition to the Vogtle 3 & 4 nuclear loan guarantee. Please use the following sample message as is, or to fashion your own, and send it to President Obama and Energy Secretary Moniz:
"Dear President Obama and Energy Secretary Moniz,
As a federal taxpayer, I object to the $8.3 billion loan guarantee -- and loan -- you have offered to the nuclear utilities proposing to build new atomic reactors in Georgia, Vogtle Units 3 and 4. Although President Obama offered the lucrative loan guarantees four long years ago now, the utility partners have been reluctant to put any of their own skin in the game, and have refused thus far to sign on the dotted line. The Dept. of Energy has, absurdly, allowed seven deadline extensions. The amount of taxpayer money at risk is 15 times larger than the amount lost in the Solyndra solar loan guarantee default. Yet, the Vogtle 3 & 4 loan is at significantly higher risk of default than was the Solyndra solar loan guarantee. Please protect $8.3 billion in federal taxpayer money by withdrawing the Vogtle 3 & 4 nuclear loan guarantee -- and loan -- offer. Vogtle 3 & 4 should sink or swin in the free market, not be propped up at huge taxpayer risk!" [include your name and contact information]