The NorthEast Center for Chemical Energy Storage (NECCES) at
Binghamton University has been awarded a $12.8 million, four-year
grant, announced Wednesday by U.S. Energy Secretary Ernest Moniz.
One of 32 grants awarded for a total of $100 million to fund Energy
Frontier Research Centers (EFRCs), it will help accelerate the
scientific breakthroughs needed to build a new 21st-century energy
Southern Company doesn’t want to pay $17 to $52 million to get an $8.33 billion
federal loan guarantee.
That’s 0.2% to 0.62%.
Why should we guarantee SO’s bad bet for pennies down?
Let’s just call it off!
Three years after the U.S. government promised $8.3 billion in
lending for a nuclear plant in Georgia, Southern Co. and its
partners have not sealed a deal.
President Barack Obama’s administration recently agreed to a fourth
extension of the deadline for finalizing lending agreements between
Southern Co. subsidiary Georgia Power and the other owners of the
nuclear plant now under construction. Congress authorized the
funding in 2005 to revive a nuclear industry that at the time
Few utilities secured even a preliminary agreement, mostly because
power companies dropped plans to build nuclear plants. The Great
Recession trimmed the demand for energy, and plummeting natural gas
prices made it cheaper to build gas-fired plants. The slumping
economy also pushed interest rates to historic lows, reducing
borrowing costs and undercutting the need for subsidized lending.
The owners of Plant Vogtle have secured — for the third time
— an extension to allow further negotiation with the U.S.
Energy Department over its 2010 offer of up to $8.3 billion in
federal loan guarantees to help finance two new nuclear reactors.
Georgia Power and co-owners Oglethorpe Power and Municipal Electric
Authority of Georgia were conditionally approved in February 2010
for loan-guarantee financing, in which the government promises to
assume a company’s debt if the company defaults. However, the
details were never agreed on. Two extensions have since expired,
with the most recent deadline — June 30 — passing
without any formal agreement in place. Jeannice M.W. Hall, a
Southern Co. spokeswoman, said in an e-mail Wednesday that the new
extension sets a Sept. 30 deadline for completing the loan guarantee