Dominion applies for loan guarantee for proposed nuclear unit

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Dominion Virginia Power has applied for a federal loan guarantee for a proposed third nuclear reactor at its North Anna Power Station in Louisa County. 

Submitting the first part of the loan application is another step in positioning the Richmond-based power company as being among the first to get a license for a new nuclear unit. If the project is selected, the U.S. Department of Energy (DOE) could guarantee all of the project’s debt, as long as it does not make up more than 80 percent of construction costs. 

The government created the DOE loan guarantee program in 2005 to help companies pursuing the licensing of new nuclear units in the U. S.  The Nuclear Regulatory Commission already has awarded Dominion on early site permit for the third reactor. Dominion says the reactor, which still requires many operational and regulator approvals, would power up to 375,000 homes and would come online in 2016.

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