Obama Announces $8 Billion for new Nuclear Power Plants

The President of the United States, Barack Obama, has just announced that the federal government will authorize the release of $8 billion in loan guarantees, to stimulate the construction of the first new nuclear power plants in the last 30 years. At this time, the Southern Company has plans to construct two modern facilities in the state of Georgia, and it would seem like it could be one of the first beneficiaries of the scheme. The main conditions that Obama mentioned for the new power plants is that they are “safe and clean,” but also capable of producing sufficient energy to ensure coverage of the nation's energy demands, the BBC News reports.

Since the 1979 Three Mile Island incident, which saw one of the reactors at the facility experience a partial core meltdown, there have been no new construction works started in the US in the nuclear plant sector. Other facilities have been opened in the 1980s, but construction on them began many years before. Obama said that one of the main reasons why the government was interested in funding such projects, in addition to the impact on the country's power grid, is the fact that they would create thousands of jobs in construction over the next decade, as well as hundreds of other, highly-qualified ones, once utility companies begin operating the new reactors.

The President again expressed his support for developing new sources of energy that would meet demands from renewable sources. In addition to protecting the environment, this would also have economic benefits, creating new jobs in this industry sectors, and reducing American dependency on foreign oils. Obama also said that the two new nuclear reactors are just the beginning of these efforts, the first steps towards constructing a more energy-diverse America. According to the Southern Company, the new facilities will create 3,000 construction jobs, as well as 850 permanent ones.

“On an issue which affects our economy, our security, and the future of our planet, we cannot continue to be mired in the same old debates between left and right, between environmentalists and entrepreneurs. To meet our growing energy needs and prevent the worst consequences of climate change, we'll need to increase our supply of nuclear power. It's that simple,” Obama said. At this point, the 104 nuclear reactors that operate in the US provide almost 20 percent of the country's energy demands. Globally, construction is currently progressing at 56 new reactors.