Statement Regarding the U.S. DOE's Plan to Provide $3.7 Billion in Loan Guarantees to Vogtle Project | Taxpayers for Common Sense


Statement Regarding the U.S. DOE’s Plan to Provide $3.7 Billion in Loan Guarantees to Vogtle Project

September 29, 2017
Programs: Energy

Statement from Ryan Alexander, president, Taxpayers for Common Sense on the Department of Energy’s plan to provide $3.7 billion in additional loan guarantees to Plant Vogtle project partners: Georgia Power (subsidiary of Southern Co), MEAG, Oglethorpe Power.

The Department of Energy gave $8.3 billion in loan guarantees to the companies for the nuclear reactor construction project in 2014 and 2015.

The recent move comes just months after Westinghouse Electric Co., the project contractor, announced plans to file for bankruptcy in March, citing the cost overruns at Plant Vogtle and the V.C. Summer Plan in South Carolina. Since then, the Vogtle owners have revealed the project financial state is more grim than previously known, at more than $11 billion over budget and as much as six years behind schedule.

“Taxpayers cannot afford to be further entangled in the Vogtle debacle. Department of Energy officials should be exercising more caution now, with billions of taxpayer dollars already on the line for the ill-fated nuclear reactor project. Instead, they’ve doubled down on a bad decision, and the consequences for taxpayers could be dire. Jumping at the chance to sink billions more into the failing project on such short notice, at the behest of Vogtle lobbyists, raises very real questions of whose interest the Department of Energy is really protecting.” 

Filed under:

Weekly Wastebasket

Our weekly reality-check for federal spending. View All

October 20, 2017

Farming for Cash Behind Closed Doors

At Taxpayers for Common Sense we work with everyone. Unless they don’t want to work with us, which is... Read More

Cyber Spending Database

Click Here to Access

Make a Gift