President Obama Ignores the Bad Economics and Backs Nuclear Loans

July 6, 2010

In response to President Obama’s Announcement, Jim Riccio, Greenpeace’s Nuclear Policy Analyst, issued the following statement:

"President Obama today announced that the U.S. Government will back loan guarantees to construct two new nuclear reactors in Georgia-the first new nuclear facility in thirty years.  Unfortunately, the President is setting up the American taxpayer for the next corporate bailout.  The U.S. Congressional Budget Office has already determined that these loans stand a greater than 50% chance of default.

"Wall Street will not back nuclear power, so President Obama has put Main Street on the hook for these risky nuclear investments.  Last year Moody's Investment Services called new nuclear power a 'bet the farm risk' and Citi has called new nuclear power a  corporation killer.'  Warren Buffet's corporation Mid American has already determined that new nuclear power doesn't make economic sense.  The President should have listened to 'the World's Greatest Investor' rather than nuclear industry lobbyists.  

Even the president said during his speech that nuclear energy has some 'serious drawbacks.'  We're not really seeing anything but drawbacks to another corporate bailout that gives new meaning to the phrase 'toxic asset.'  It is a dirty and dangerous distraction from the clean energy future the President promised America."

Other contacts: Molly Dorozenski, Media Officer, 917-864-3724, Jim Riccio, Nuclear Policy Analyst, 202-319-2487,

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