No Loan Guarantee, No Nuclear? Not Quite
Jack Spencer /
The prospects for new nuclear energy in the U.S. were purportedly set back this weekend when Constellation Energy pulled out of the Calvert Cliffs 3 nuclear energy project in Maryland. They argued that the Department of Energy’s loan guarantee program was too expensive and complicated to be workable.
No loan guarantee, no new nuclear project.
And this was consistent with what many on the nuclear industry have been saying. To move forward, industry argued, they needed the federal government to back up the multi-billion-dollar investments. This credit subsidy would give recipients access to below-market capital, which would have serious impact on the balance sheet of any multi-billion-dollar project. (more…)