TVA’s plan to sell and lease back a nuclear reactor — the new Watts Bar Unit 2 reactor — to finance much of the work of completing Bellefonte Nuclear Plant in nearby Alabama raises an obvious question: Will there be many willing buyers?
With TVA hoping to raise as much as $2.5 billion from the sale — in addition to perhaps $1 billion from the sale of the John Sevier combined cycle gas plant — whether there is enthusiasm for making such a purchase is no small matter.
TVA says there have been similar sale-and-lease deals before, and that there is some market interest.
We just hope the utility gets the price it’s depending on.
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The construction cost on one nuclear reactor power unit is $8-10 billion dollars. TVA wants to sell one Watts Bar unit for $2.5 billion. This is further evidence of mismanagement within the TVA. To make matters worse, the TVA then intends on leasing back the plant in a scheme which will cost ratepayers hundreds of millions if not billions of dollars.
The TVA has stripped the Bellefonte Nuclear Plant and sold parts for $49 million, reordered the stripped components and paid near $300 million for that which they stripped from the plant after cancelling the nuclear construction permit 2 years earlier.
The validity of the current once cancelled construction permit and reinstatement of the permit which attempts to circumvent nuclear construction safety standards will be argued before the U.S. Court of Appeals in Washington D.C. This fact seems to be ignored by the errant TVA Board and Executives. The Bellefonte Construction project may be halted soon.
Bellefonte is not needed, the entire scheme is a project to support the nuclear construction industry not the valley's ratepayers. Energy Efficiency measures and further improvement of current generation capacity will produce the projected power requirements within the TVA area.
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