Sustainable Energy Network: 100+ Businesses, Organizations Urge Congress to Reject Loan Guarantees for the Nuclear Power Industry
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FOR IMMEDIATE RELEASE
OCTOBER 25, 2007
2:10 PM
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CONTACT: Sustainable Energy Network
Ken Bossong,
301-270-6477, x23;
301-588-4741
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100+ Businesses, Organizations Urge Congress to
Reject Loan Guarantees for the Nuclear Power Industry
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TAKOMA PARK, MARYLAND - October 25 - In a letter delivered today to the leadership and key
energy committees of the U.S. Senate and U.S. House of Representatives,
102 businesses and organizations urged Congress to reject nuclear loan
guarantees for the nuclear power industry. The letter was also signed by
26 individual citizens.
The letter urges that "any nuclear loan guarantee provisions be removed
from any energy bill considered by Congress and that any type of federal
energy loan guarantee programs be designed solely to support promising
sustainable energy technologies."
The nuclear power industry has already indicated that it wants $25 billion
in federal loan guarantees for 2008, and another $25 billion for 2009,
with untold billions more to come after that.
However, as the letter notes, "the industry wants these subsidies because
after fifty years, atomic power has been rejected by the marketplace.
[But] given the industry's dubious safety record, high economic costs and
overruns, and inability to solve the problem of radioactive waste disposal
... additional federal funding directed towards the mature nuclear power
industry would be both extremely risky and wasteful."
Consequently, "any energy legislation considered by the 110th Congress
[should] not include provisions authorizing or otherwise facilitating loan
guarantees for the commercial nuclear power industry."
The full text of the letter follows.
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October 25, 2007
PLEASE OPPOSE LOAN GUARANTEES TO THE NUCLEAR POWER INDUSTRY
Members, U.S. Senate
Members, U.S. House of Representatives
United States Congress
Washington, D.C.
Dear Senator/Representative:
We, the undersigned organizations, businesses, and individuals, are
writing to urge that any energy legislation considered by the 110th
Congress not include provisions authorizing or otherwise facilitating loan
guarantees for the commercial nuclear power industry.
The Senate-passed energy bill (H.R.6) and the House-passed energy bill
(H.R.3221) both contain sweeping provisions that would dramatically alter
the U.S . Department of Energy's Loan Guarantee Program and potentially
provide a virtual blank check from taxpayers for the building of many more
nuclear power plants. Indeed, the nuclear industry has already indicated
that it wants $25 billion in guarantees for 2008, and another $25 billion
for 2009, with untold billions more to come after that.
The industry wants these subsidies because after fifty years, atomic power
has been rejected by the marketplace. In fact, Wall Street will not
independently invest in more of them, and still no private insurance
company will underwrite the possibility of a major reactor disaster. This
is not surprising given the industry's dubious safety record, high
economic costs and overruns, and inability to solve the problem of
radioactive waste disposal. Consequently, additional federal funding
directed towards the mature nuclear power industry would be both extremely
risky and wasteful.
More importantly, nuclear power has been left behind by a revolution in
safer, cleaner, and more cost-effective renewable energy and energy
efficient technologies. Biofuels, geothermal, solar, water power, and
wind have become the world's fastest-growing energy technologies and have
positioned themselves as the best solutions to global warming, rising
energy costs, and energy imports.
Nuclear reactor loan guarantees therefore would siphon away limited
federal dollars better spent on truly competitive sources of power.
Consequently, we ask that any nuclear loan guarantee provisions be removed
from any energy bill considered by Congress and that any type of federal
energy loan guarantee programs be designed solely to support promising
sustainable energy technologies.
* * *
Founded in 2006, the Sustainable Energy Network is an informal network of
500+ organizations, businesses, and individuals who support rapidly
expanded use of renewable energy and energy efficient technologies as
alternatives to nuclear power, energy imports, and climate change.
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