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Nuclear Energy Institute
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NEI Applauds House Subcommittee on Loan Guarantee Funding Approval

WASHINGTON, D.C., July 15, 2010—The House Appropriations Subcommittee on Energy and Water Development today approved $25 billion in its fiscal 2011 spending bill for federal loan guarantees for companies building new nuclear power plants and the same amount for renewable technologies. Following is a statement by Alex Flint, the Nuclear Energy Institute’s senior vice president of governmental affairs.

“This action by the subcommittee recognizes that loan guarantees provide a cost-efficient catalyst to expand our clean energy portfolio, including new nuclear power plants that will allow us to meet our electricity needs in the coming decades. The loan guarantee volume will allow new nuclear plant projects to move ahead and companies building those facilities to access financing at market-competitive interest rates that lower the overall cost of these projects and ultimately, a lower electricity cost to consumers.

“The loan guarantees for new plants are completely financed by the nuclear industry and entail no cost to the American taxpayer. These new plants, combined with the funding for wind, solar and other renewable projects, will provide the nation with diversified electricity generation technologies to help America meet challenging greenhouse gas emission reduction goals. Increased loan guarantee volume is a vital signal for expansion of nuclear energy. New nuclear projects will provide a tremendous shot in the arm to the economy through thousands of jobs that will be created in building new nuclear plants and other energy facilities.

“The industry greatly appreciates the leadership acting-chairman Ed Pastor and ranking-member Rodney Frelinghuysen along with Congressmen Peter Visclosky and Chet Edwards for recognizing the need to drive capital investment in critical infrastructure development, including clean energy options such as nuclear and renewable energy technology. Their leadership will result in thousands of new U.S. jobs and more clean energy.”