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Friday, June 18, 2010 - 1:03pm

Southern Co. Accepts Federal Backing

Updated: 4 years ago.
Loan guarantees for 2 new reactors at Plant Vogtle were accepted today by Southern Company (photo by Nuclear Regulatory Commission)

Southern Company today decided to accept $8.3 billion dollars in federal
loan guarantees from the federal government. It’s the first such guarantee for new nuclear reactors in the United States in a generation.

The loan guarantees are still contingent on approval from the U.S. Nuclear Regulatory Commission for 2 new reactors at Plant Vogtle in Burke County.

Southern Co. Chief Executive Officer David Ratcliffe called the deal "another step forward on the road to nuclear energy, which he says will play a huge part in America’s energy future.

Construction of the reactors will be financed in part by a controversial pre-charge to customers.

The Southern Alliance for Clean Energy calls the new reactors risky and too expensive. Taxpayers, the groups says, are now on the hook should the project go “belly up".

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