Forex: Energy Secretary Says Additional Nuclear Power Projects In The Pipeline

(RTTNews) - Secretary of Energy Steven Chu revealed Tuesday that there are several additional nuclear energy projects in the pipeline for federal loan guarantees similar to the one announced by President Barack Obama earlier in the day.

Chu, speaking to reporters on a conference call, said the loans, which are designed to support projects that reduce greenhouse gas emissions, were aimed at providing a "shot in the arm" for the American nuclear industry.



Earlier in the day, President Obama announced more than $8 billion in loan guarantees to facilitate the construction of the first new nuclear reactors built in America in nearly 30 years.

Speaking at a jobs training center in Lanham, Maryland, Obama emphasized that new, safe nuclear reactors would be needed to play a role in the clean energy of America's future, even as he explores the prospect of new offshore drilling to meet the country's near-term energy needs.

The reactors will be built at a site in Georgia that already has an existing nuclear plant.