Senate Currently Proposing $40 Billion to More Than $140 Billion in Subsidies for Nuclear Industry, New Analysis Finds | Union of Concerned Scientists - 0 views
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Energy Net on 06 Jul 10"New Subsidies for Constructing Reactors Would Shift Financial Risks to Taxpayers Massive government subsidies proposed in two pending Senate climate and energy bills would shift the risk of financing and constructing new nuclear reactors from the industry to U.S. taxpayers, according to an analysis released today by the Union of Concerned Scientists (UCS). Such subsidies would disadvantage more cost-effective, less risky approaches to curbing the heat-trapping emissions that cause global warming, including energy efficiency programs and renewable energy technologies, the group said. The UCS analysis is the first to quantify the most significant subsidies for the nuclear industry proposed in the American Power Act (APA) and the American Clean Energy Leadership Act (ACELA). Those subsidies include expanded federal loan guarantees, reduced accelerated depreciation periods, a 10 percent investment tax credit, expanded production tax credits, and expanded federal regulatory risk insurance. Assuming eight new reactors are built over the next 15 years, UCS found those subsidies would amount to approximately $40 billion, or $5 billion per reactor, slightly more than half of what a typical 1,100 megawatt reactor would cost to build today. If the industry is able to secure federal approval to build the 31 new reactors it is expected to request, UCS found that total proposed subsidies could be worth from $65 billion to as much as $147 billion."