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Three Mile Island owner seeks $1.6 billion federal loan to restart nuclear plant for Microsoft AI facility (www.phillyvoice.com)

submitted 2 months ago by [email protected] to c/technology

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[–] [email protected] 35 points 2 months ago

Ok, so a business loan, no big deal. Oh .... what's this?

If Constellation received a federal loan guarantee, much of the risk attached to the project would be shifted to taxpayers in the event of a default. It also would reduce the borrowing costs needed to finance to the restart. The project still needs to obtain regulatory approvals to move forward and would require intensive safety oversight during and after the restart.

Well that doesn't sound good, I would like some reassurance. Constellation, what say you?

"Rest assured that to the extent we may seek a loan, Constellation will guarantee full repayment," the company's statement said. "Any notion that taxpayers are taking on risk here is fanciful given that any loan will be backstopped by Constellation's entire $80-billion-plus value."

Ah good. A company that for sure is going to hold to its word and not shaft the state or tax payers. Great!

Due to the age of the plant, some experts have cautioned that the project may require significant investments in refurbishments and maintenance beyond the period of the restart.

"The $1.6 billion is just the start," Mark Jacobson, a professor of civil and environmental engineering at Stanford University, told the New Republic. "Microsoft will be asking for government handouts just like most all other aged nuclear reactor owners have asked in multiple states."

Super, a for profit company worth 3.11 trillion USD (as of 1:25pm EDT) that just needs government handouts for it's business based on choices it has made to further its own worth. That sounds great, I'm sure taxpayers will get a return on that investment right? Right??

In September, Pennsylvania Gov. Josh Shapiro touted thousands of energy jobs that will be created by Constellation's plans at Three Mile Island. Constellation, which plans to rename the facility the Crane Clean Energy Center, has claimed it will generate about $3 billion in state and federal tax revenue.

OK, so $3 billion minus $1.6 billion equals $1.4 billion, minus whatever Microsoft gets as a handout (likely equal to or more than $1.6 billion) equals potential negative billions? Yay capitalism! I'm so happy that the US is willing to help small businesses like this.