Obama commits $8.33 billion for nuclear energy

president Barack Obama

Stressing the US administration's commitment for the resurgence of the nation's nuclear power industry that was stagnant for nearly three decades, president Barack Obama yesterday announced $8.33 billion in loan guarantees for the construction of two nuclear reactors in Burke, in the southeastern state of Georgia.

 ''To meet our growing energy needs and prevent the worst consequences of climate change, we need to increase our supply of nuclear power and today's announcement helps to move us down that path,'' Obama said in a statement.  

The two new reactors with a capacity of 1,100 megawatt each will be constructed at the Vogtle nuclear power plant and will add to the two existing reactors at the facility.

It is expected that the project would create around 3,500 jobs during the construction phase, and 800 permanent jobs on its completion.

 ''This is a significant step by the Obama administration to restart our domestic nuclear industry, helping to create valuable long-term jobs and reduce our greenhouse gas emissions,'' energy secretary Steven Chu said.

On commissioning of the new reactors, the power plant will provide reliable electricity supply to around 550,000 households.