Obama To Announce Loan For Us Nuclear Power

02.16.10 | FL News Team

An announcement will be made today by the Obama administration of an eight-point-three-billion-dollar loan guarantee for Southern Company to help finance the cost of building two nuclear power plants. A government official says the announcement by President Obama will be made after he tours a jobs training center in Lanham, Maryland. He'll discuss the government's aim to create energy jobs and develop a low carbon economy. The reactors will be the first to win the approval of the federal government in three decades. Energy Secretary Steven Chu will be with Obama when the announcement is made.

 Southern applied to the Nuclear Regulatory Commission in March 2008 to construct two reactors at the company's Vogtle nuclear power facility in Georgia. Southern expects to receive license approval for the new reactors next year. A company spokesman says the loan guarantee will cover up to 70 percent of its portion of the cost of the project.