The Obama Administration is reportedly seekingan additional $36 billion in this year's budget to fund loan guarantees for the expansion of nuclear energy in the United States. While the president's record on nuclear power has been spotty; this represents the most significant sign that President Obama wants to see an America with a baseload that includes a strong nuclear segment.
Nuclear energy remains the only technologically available generating source that can provide a baseload, while emitting virtually zero greenhouse gases. The $54 billion in total loan guarantees would be enough to build another 10 reactors, but hurdles still remain.
The Department of Energy's loan process lacks transparency, and government requirements mean that even if a financing deal is possible, it would take ten years before a reactor could be built. Plus, there is no guarantee that Congress will approve the president's request.
The president deserves applause for his willingness to move forward in the face of misguided opposition from some of his supporters. Now it is up to Congress and the DoE to make this step meaningful.
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