"A large plant would be difficult to finance under the best of conditions, but in today's credit constrained markets, without supportive state energy policies, we believe getting financial backing for these projects is impossible." AmerenUE statement.
AmerenUE has announced that it has canceled its plans to build a new 1,600 megawatt-electric French Areva "Evolutionary Power Reactor" at its Callaway nuclear power plant in central Missouri. The project’s biggest stumbling block was Missouri's anti-CWIP law. "Construction Work in Progress" (CWIP) allows a nuclear utility to recover the construction costs of a reactor before the reactor actually operates. Ratepayers pay this cost through their current electricity bill even though the reactor has not produced any power. Like federal taxpayer loan guarantees, CWIP is a way to overcome private investors' wise aversion to the large financial risks of new reactor loans.
In 1976, Beyond Nuclear board member Kay Drey helped lead a state-wide ballot measure barring CWIP in Missouri which passed by 2 to 1 margin. Nuclear industry efforts to overturn the anti-CWIP law in Missouri have failed, leading to the nuclear utility's announcement that it has cancelled its new reactor proposal.