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Nuclear Energy Institute
FOR IMMEDIATE RELEASE: February 16, 2012
Contact: media@nei.org, 202.739.8000 or 703.644.8805 (after hours and weekends)

DOE Loan Guarantee for Plant Vogtle Expansion on Sound Financial Footing

WASHINGTON, D.C.—Following is a statement from the Nuclear Energy Institute’s Richard Myers, vice president for policy development, planning and supplier programs, on the comparison by antinuclear organizations of the possible loan guarantee for Southern Co.’s Plant Vogtle to Solyndra.

“There is no factual basis for the nonsensical claims these groups are making about the loan guarantee for the new advanced-design reactors that will be constructed at Plant Vogtle. Solyndra was a start-up manufacturing company competing in the global solar panel technology market. It had no assets, was working with an unproven technology with no customer base or steady revenue stream and obviously no profits.

“In contrast, Georgia Power, the lead partner in the Vogtle expansion, is a subsidiary of Southern Co., which has been in business for over 100 years with annual revenue in 2010 of $17 billion that can back its commitment to the U.S. Department of Energy with $26 billion in assets. The electricity from these reactors will be sold into a market regulated by state public utility commissions.

“Georgia Power has considerable financial skin in the game with more than $4 billion already invested, whereas Solyndra had virtually none. And just last week Fitch Ratings praised Southern Co. and its partners for the financial structuring of the project.

“In addition to the extensive due diligence activities conducted by the DOE loan guarantee program office, the Vogtle project is subject to rigorous federal and state oversight, including ongoing detailed project reviews being performed for the Georgia Public Service Commission.”