Obama offers $8 billion in push for nuclear power

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President Obama on Tuesday pledged $8 billion in loan guarantees needed to build the first U.S. nuclear power plant in nearly three decades.

Speaking at a training center at the Landham, Md., headquarters of the International Brotherhood of Electrical Workers, Local 26, Obama spoke favorably of nuclear power as part of a mix of energy alternatives to oil.

“In order to truly harness our potential in clean energy, we’ll have to do more,” Obama said. “In the near term, as we transition to cleaner energy sources, we’ll have to make tough decisions about opening new offshore areas for oil and gas development. We’ll need to make continued investments in advanced biofuels and clean coal technologies, even as we build greater capacity in renewables like wind and solar.

“And we’ll have to build a new generation of safe, clean nuclear power plants in America.,” he said.

Obama said his administration would supply about $8 billion in loan guarantees for the plant that will provide thousands of construction jobs in the next few years, and about 800 permanent jobs in the years to come.

“This is only the beginning. My budget proposes tripling the loan guarantees we provide to help finance safe, clean nuclear facilities – and we’ll continue to provide financing for clean energy projects here in Maryland and across America,” Obama said.

Obama noted that some environmentalists would oppose the decision to help fund the construction of the nuclear power plant, but he insisted that clean, safe nuclear power was environmentally preferable to burning coal in outdated plants. Obama has also called for upgrading coal facilities as part of his push to break the nation’s reliance on oil.

“There will be those who welcome this announcement, and those who strongly disagree with it,” Obama said. “The same has been true in other areas of our energy debate, from offshore drilling to putting a price on carbon pollution. But what I want to emphasize is this: Even when we have differences, we cannot allow those differences to prevent us from making progress. 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.”

In his recent meeting with Republican and Democratic congressional leaders, Obama discussed energy policy. After that meeting, Republican leaders said there was room to work with Obama on offshore drilling and nuclear power issues.

Any new plant is probably several years away given the federal regulatory process. Federal loan guarantees are needed for the companies involved to finance the projects.

-- Michael Muskal

Twitter.com/LATimesmuskal