NASHVILLE, Tenn. (AP) – The nation’s largest public utility is selling a never-completed nuclear plant that has cost more than $4 billion dollars over the past four decades.
The Tennessee Valley Authority board voted Thursday to declare the Bellefonte nuclear plant near Hollywood, Alabama, surplus. The site includes two partially finished nuclear reactors, office buildings, warehouses, parking areas, railroad spurs and a helicopter pad.
TVA President and CEO Bill Johnson said after the meeting that the 1,600 acre site has been appraised at $36 million. It will be sold at auction to the highest bidder, but the utility will consider job creation and economic impact when looking at potential buyers.
“There will have to be a positive impact for the community for us to qualify you as a bidder,” he said.
The decision to sell is the latest blow to the nuclear power industry, which seemed poised for resurgence a decade ago but has been stymied by cheap natural gas, high construction costs and relatively flat demand for power.