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Construction stopped at the Bellefonte Nuclear Power Plant in Hollywood, Ala., in 1988, but a Nevada energy group wants to revive the site for a new type of power generation. The firm is offering $38 million to buy the site, only a fraction of the $5 billion TVA has spent to building and maintain the site over the past 42 years.

A group of Nevada engineers eager to try out a new type of magnetic inductive power generation say they are willing to buy an abandoned TVA nuclear power plant for $38 million — only a fraction of the $5 billion TVA invested in the site — and try to activate a new type of generation with a few hundred million dollars more.

Phoenix Energy of Nevada sent an email to TVA Monday indicating its desire to buy the mothballed Bellefonte Nuclear Power Plant in Hollywood, Ala.

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Michael Dooley, a retired Navy nuclear submarine operator who is managing partner for Phoenix Energy in Carson City, Nev., said his group "is still extremely interested" in purchasing the 1,600-acre Bellefonte site and pledged 10 percent of the profits from his venture to TVA for the property until the $5 billion investment is paid back.

"Phoenix Energy has developed and is ready to implement detail and specific plans, designs, methods, schedules, processes and procedures to develop this TVA site into a large scale Induction Energy Powered based and use multiple utilities and products production, generation and distribution complex facility that will produce, generate, provide and distribute the energy, fuel and utility products," he said.

Dooley said their project would use 98 percent of what is at Bellefonte and employ about 500 full-time workers, in addition to construction and short-term employees, at the facility.

But TVA spokesman Scott Fieldler says the north Alabama site will be sold by auction, and the process of qualifying bidders hasn't even started. Fiedler says law requires that TVA sell by auction since Bellefonte is now considered surplus property.

TVA will set the minimum price and criteria for the sale of Bellefonte later this year, TVA President Bill Johnson said last week.

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