Taxpayer-Funded Nuclear Power Plant On Sale For A $4.6 Billion Loss
A government-run utility began selling its Alabama nuclear power plant for $36.4 million Monday, after spending more than $5 billion on it over the last four decades.
The Tennessee Valley Authority (TVA) already completed most of the work needed to finish two new nuclear reactors in Bellefonte, Alabama, but now the utility has put the reactors up for sale after investing more than $5 billion in the site. The plant’s reactors never generated a single watt of electricity.
TVA abandoned the Bellefonte reactors due to strict regulations and competition from natural gas, which lowered the price of electricity. TVA doesn’t think the reactors can be profitably operated since electricity demand in Alabama isn’t growing fast enough to require the plant. Had the reactors been completed, they would have produced enough electricity to power 709,000 homes. – READ MORE