Electricity companies in the US are asking the Government to change the rules of the loan guarantees being offered so that 100% of the loan is covered, instead of 90%, as currently proposed. The electricity companies are being advised by finance experts that the 90% loan scheme won’t work well, as it would create “two tier” risk in any finance package to fund the construction of a new nuclear power plant.
The load guarantees are meant to protect companies from the possibility that they start to build a new nuclear power plant and then have a new government policy on nuclear power emerge that might jeopardise the success of that new build project.
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http://www.world-nuclear-news.org/industry/Usec_joins_loan_guarantee_bidders_190607.shtml
Co-op America reports that Dominion Power has canceled three of four planned coal fired power plants, including two in Virginia. This comes after a campaign that gathered at least 20,000 signatures opposing the plants.
Co-op America’s Climate Change Program Director Todd Larsen had warned:
Dominion’s plans for our future are a giant step backwards for America. At a time when energy companies are increasingly recognizing climate change, and even calling for federal regulation of carbon, Dominion is moving forward with three polluting plants that will pump enormous amounts of carbon into our skies. Dominion has refused calls to report out on its climate emissions and how it can curb them, despite growing interest from their own shareholders. Dominion is also pushing for nuclear power - touting it as a safe, environmentally sound energy solution - and ignoring local opposition and real concerns around safety and proliferation.
Now Dominion and the US Department of Energy have reported that three of four new coal-fired power plants are no longer scheduled to be built. Now they pledge to triple wind power investments in West Virginia over the course of this year, and also, at this year’s shareholder meeting, Dominion finally recognized the reality of climate change.
Activist pressure combined with the steady drumbeat of news confirming global warming fears can make a difference. This sort of pressure should be extended to other major utilities as well.