On Wednesday, AREVA, a French nuclear power conglomerate, accepted a Department of Energy conditional loan guarantee of $2 billion for its Eagle Rock Uranium Enrichment Facility. The project, located in Bonneville County, Idaho, is expected to cost $3 billion so the $2 billion loan guarantee would cover 66% percent of the project cost– saddling taxpayers with much greater risk than AREVA’s if the project defaults. AREVA has yet to receive proper licenses and permits from the Nuclear Regulatory Commission in order to safely build and operate the facility. The NRC decision on the licensing is expected by mid 2011. Eagle Rock is just one of many troublesome DOE loan guarantees putting taxpayers on the hook, risking billions of dollars if the project fails.

For more information, please contact Autumn Hanna at (202) 546-8500 x112 or autumn [at] taxpayer.net.