Feb 16, 2010 10:53 AM by Associated Press

Obama to announce loan guarantee for nuclear plant

President Barack Obama is expected to announce federal loan guarantees for construction of a new nuclear power plant as he highlights investment in energy jobs.

Obama is scheduled to make remarks after touring a job training center at the headquarters of Local 26 of the International Brotherhood of Electrical Workers in Lanham, Md. The union offers
training useful for energy jobs, including the construction of nuclear power plants.

An administration official says Obama is expected to announce $8.3 billion in federal loan guarantees for the planned Southern Co. facility in Burke, Ga.

Federal loan guarantees are seen as essential because of the huge expense. It would be the first such construction in three decades. Critics say the guarantees put taxpayers at risk given the industry's record of cost overruns and loan defaults.




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