White House Backs $8.3B For New Nuclear Plants

Law360, New York (February 16, 2010, 2:03 PM ET) -- President Barack Obama and Secretary of Energy Steven Chu on Tuesday announced $8.33 billion in loan guarantees for Southern Co. subsidiary Georgia Power to help build the first new U.S. nuclear power units in 30 years.

The loan guarantees will guarantee funding for the estimated $14 billion cost of constructing two new 1,100-megawatt Westinghouse AP1000 reactors at the Alvin W. Vogtle Electric Generating Plant near Waynesboro, Ga., expected to open in 2016 and 2017, respectively, according to Southern.

Georgia Power will stake a 45.7 ownership interest...
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