$8.3 billion loan guarantees, Anti-Nuclear, atomic energy, Corporate Welfare, destroying the environment, environment, failed technology, Georgia, Georgia nuclear, Georgia Power, Japan, New Nuclear, new nuclear build, nuclear economics, nuclear energy, nuclear power, nuclear power plant, nuclear reactors, nuclear safety, nuclear subsidies, nuclear waste problem, Obama, Plant Vogtle, President Obama, Socialism for the Rich Capitalism for the Poor, Southern Co, Southern Company, taxes, Taxpayer, theft of taxpayer monies, Toshiba, US government loan, US Nuclear Loan, US nuclear loan guarantee, US Nuclear loans, USA, welfare capitalism, Westinghouse
From NoNukesYall.org (Georgia, USA):
“What is CWIP?
CWIP Stands for ‘Construction Work In Progress’
CWIP stands for Construction Work in Progress and is a statewide corporate nuclear tax that all Georgia residential and small business electricity customers are currently paying on their utility bills.
CWIP is Corporate Welfare
Georgia lawmakers passed the controversial CWIP measure, also known as ‘Georgia Nuclear Energy Financing Act’ in 2009 which made it legal for Georgia Power and Georgia electric companies to force customers to pay upfront for nuclear reactor construction. This is a form of corporate socialism in that the public pays for the Vogtle nuclear project and the corporation reaps the profits. When, and if, the reactors are completed, the companies will charge customers again to use the product for which they already paid.
CWIP is Nuclear Construction Cost Recovery
CWIP is listed on your Georgia Power bill as ‘Nuclear Construction Cost Recovery’ and the amount is a 7% hidden tax on your electricity use every month. If your electricity provider is a local utility and they are in Georgia they are charging you CWIP whether they list it on your bill or not. It is a few dollars every month per customer but puts billions into Georgia Power’s pocket because this sweetheart deal also guarantees Georgia Power an 10.95% profit.
Senator Mike Fasano, a pro-business Florida Republican says,
‘We’ve learned the hard way in Florida that allowing utilities to recover the costs of a new power plant before the plant is even placed in service is unfair to consumers and bad public policy.’
The Florida reactor project is indefinitely postponed yet Florida ratepayers are still being charged CWIP.
CWIP is a Nuclear Tax
The CWIP nuclear tax is a financial mechanism by which Georgia Power avoids the risk of building the Vogtle reactors by charging ratepayers higher rates to cover future costs of constructing two new nuclear reactors at Plant Vogtle, even if those reactors are never completed.
CWIP is a Forced Investment in Southern Company
The statewide corporate nuclear tax (CWIP) forces consumers to become investors in risky future nuclear reactors without receiving any stocks, bonds or dividends from the corporation. The citizens of Georgia are paying for the construction of the reactors in addition to paying for the electricity they use while Georgia Power rakes in the profits“.
Read the rest, see great images, and sign the petition here: http://www.nonukesyall.org/stop_CWIP.html
This is the same project which just received a $6.5 billion US gov loan:
“Federal Government Backs 6.5 Billion Dollars in Loans for Plant Vogtle
WAYNESBORO 2/20/14: U.S. Secretary of Energy Ernest Moniz came down to Georgia to sign off on giving 6.5 billion in taxpayer dollars to Southern Company, its subsidiary Georgia Power, and Oglethorpe Power to build two nuclear reactors at Plant Vogtle near Augusta“.
Read the article here: http://www.nonukesyall.org/Vogtle.html
This loan may expand to an $8.3 billion loan by summer, which would mean that: “The Vogtle 3 & 4 nuclear loan guarantee amounts to 15 times more taxpayer money at risk than was lost in the infamous Solyndra solar loan guarantee scandal ($535 million). Only, Vogtle 3 & 4’s risk of default is significantly higher than Solyndra’s was!” See more here: http://www.beyondnuclear.org/construction-work-in-progess/
Some additional info on CWIP which mentions other US States using CWIP: http://www.consumersagainstratehikes.org/wp-content/uploads/2012/11/John-Runkle-on-CWIP.pdf
“CWIP essentially forces people to pay three times for new nuclear plants: in federal taxes that are already providing tens of billions of dollars in subsidies for new nukes, in CWIP, and then again when rates increase after the plants are built. It also has no allowances for returning the money to consumers should the plants not be built because of regulatory or other problems.”
From: “POWER POLITICS: Big Nuclear’s money grab” Read the article here: http://www.southernstudies.org/2009/03/power-politics-big-nuclears-money-grab.html
Recall that Westinghouse is owned by Japanese Toshiba. The New Vogtle Reactors are being built by Westinghouse for Georgia Power.
“Why Westinghouse Targets Georgia and South Carolina” by Scurvy News Network youtube channel, original link here: http://youtu.be/dcA0khgQ3dA