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Details of Exelons loan should be revealed

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  • Originally published October 7, 2008 at 8:10 p.m., updated October 7, 2008 at 8:10 p.m.

Editor, the Advocate:

In Texas, transparency means openness and honesty. It’s in that spirit that Exelon should make a copy of its applications for federal loan guarantees public.

In Lee Keeling’s Sept. 27 letter to the editor (which one can assume was pre-approved by Exelon since Keeling wrote that he represents Exelon professionally), the attorney admitted loan guarantees will be used and are critical to the company’s decision to proceed with the Victoria nuclear project, but gave no specifics.

Exelon is looking for loan guarantees, but how much? Is Exelon looking for funding by the federal government in whole or in part? How much of our taxpayer dollars are going to be put at risk?

Exelon prides itself on being one of the largest purveyors of nuclear energy in the country. Why does such a successful company need taxpayer dollars? Exelon is obviously not prepared to finance this project on its own and is all but ready to let the taxpayers share in the risk. Risks include cost overruns, design problems, radioactive releases, groundwater contamination and insurance against mishaps — just to name a few.

On Oct. 2, the Department of Energy announced that 17 electric power companies had applied for federal loan guarantees totaling $122 billion to help finance the construction of 14 new nuclear power plants. DOE has also been asked to provide $4 billion for Front End Nuclear Facilities Projects loan guarantees.

When contacted, Richard Corrigan of the DOE division administering the loan guarantees said applications would probably not be made public and that it would be up to Exelon to voluntarily self-disclose and release its DOE loan information. He looked at the Exelon Web site and said that the Exelon Web site did not display any detailed information on the loan application.

How much money is Exelon asking from the taxpayers and what are the terms — in detail? Without specifics, and oversight, we just don’t know. Despite claims of transparency, Exelon has so far been unwilling and unable to provide specifics.

These are times when government debt is an imposition on every American citizen. Taxpayers have a right to know the details of the federal loan guarantee applications as well as the NRC permit applications.

Sandra L. McKenzie

Victoria



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Comments

  • goldencrescent goldencrescent Report a ViolationReport a Violation Permalink  | 

    Transparency does, in fact, mean “openness and honesty,” and from the beginning, Exelon has been just that. It seems to me that Exelon is just following the established process. This is proprietary information -- which means it is not required to be made public -- ever! I can’t think of one business that would want its financial records to be put on display for everyone to see. So, in the spirit of traditional business, I would hope that Exelon would be granted the same rights as any other business.

    October 8, 2008 at 4:18 p.m.
  • vtx77901 vtx77901 Report a ViolationReport a Violation Permalink  | 

    Come on, Ms. McKenzie. Are you serious? Is Exelon supposed to pull billions of dollars out of thin air to pay for this plant? What’s wrong with borrowing money for a project that’s gonna bring lots of jobs and cut down on air pollution? This is a big project that needs a big loan. When we make big purchases like a home or car, don’t we get “big” loans?

    October 8, 2008 at 3:39 p.m.
  • Resident Resident Report a ViolationReport a Violation Permalink  | 

    Perhaps Ms. McKenzie should read the paper more often...like yesterday where Exelon laid out the details of its financing. However, it would have been a lot easier to walk down the street and ask. Exelon has been open and honest about every facet of this project since its inception unlike those that oppose the project who hide their agendas beneath transparent cloaks of anti-nuclear sentiment. None of these people oppose the plant because its nuclear, they oppose it for many reasons, all personal, but none of them justified. Perhaps details of just what's behind Ms. McKenzie's meanderings is a better question people should ask.

    October 8, 2008 at 8:28 a.m.