Posted on 08/05/2006 5:44:14 AM PDT by kellynla
WASHINGTON, Aug 4 (Reuters) - The U.S. Energy Department on Friday set rules on how utilities can qualify for a $2 billion pool of federal risk insurance that is meant to spur construction of the first new nuclear plants in 30 years.
The first six new projects to apply for building licenses could qualify for the funds, which would reimburse utilities for delays from unforeseen legal issues and bureaucratic snags, the Energy Department said.
The incentives, required by energy legislation Congress passed last year, seek to jump-start the nuclear industry from a 30-year hiatus in building new plants.
The nation's 103 nuclear plants generate about 20 percent of U.S. electricity supplies, but the Nuclear Regulatory Commission has not issued a new plant license since 1973.
"Companies that take risks and enter the market first after a 30-year hiatus should not be penalized by holdups that are not their fault," said Energy Secretary Sam Bodman in a statement.
Events that would trigger the coverage include delays with NRC reviews and inspections, licensing schedule snags or delays if the plants are challenged in state, federal or tribal courts, the department said.
The first two plants that start construction could qualify for 100 percent of delay expenses, to a maximum of $500 million. The next four could get half their expenses reimbursed up to $250 million, the Energy Department said.
(Excerpt) Read more at today.reuters.com ...
If Congress would pass legislation allowing reprocessing of spent nuclear fuel, you'd see a real race to built more nuclear plants. Jimmah Carter messed that up for everybody.
As much as I dislike the French, they have really gotten it together on nuclear energy.
And if the French can do it; there's certainly no reason why we can't too!
With a little "arm twisting"...LOL
6 we need 60........lets get going.....
6 we need 60........
NO.............. We need 400!!!!!!!!!!
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