President Obama Ignores the Bad Economics and Backs Nuclear Loans

For Immediate Release

Contact: 

Molly Dorozenski, Media Officer, 917-864-3724, mdorozen@greenpeace.org
Jim Riccio, Nuclear Policy Analyst, 202-319-2487, jim.riccio@greenpeace.org

President Obama Ignores the Bad Economics and Backs Nuclear Loans

WASHINGTON - 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.”

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