Loan Guarantees Not Approved for Nuclear Power Plant
President Obama has just approved eight billion in loan guarantees for the first new nuclear plant in this country in 30 years, but it will not be in Virginia.
Dominion Virginia Power has been on the fast track to build a third reactor at North Anna.
Zuercher: We believe that the reason why we were not selected was because of a perceived uncertainty of our project by the DOE because we are conducting a competitive process for the reactor technology.
Spokesman Richard Zuercher says a potential deal with GE Hitachi fell through because the company was unwilling to share in the financial risks, so Dominion is now talking with other vendors and it has caused a delay.
Zuercher: Right now the application remains, the first one being reviewed by the Nuclear Regulatory Commission.
Zuercher said they would like to wrap up the bidding this quarter, get in line for subsequent federal loan guarantees, complete the hearings and paperwork and begin construction possibly in 2013.
Zuercher: It would create about 5,000 jobs for the construction portion of it.
It would be the most money Dominion ever spent on any one project.
Zuercher: It would be the largest expenditure ever made.
Charles Fishburne, WCVE News