Download now: King Coal Triple Play

Another Failed Government Energy Policy

A $7 Billion Nuclear Disaster

Written by Jeff Siegel
Posted April 15, 2013

Recent history is filled with taxpayer-funded energy failures.

From the Bush Administration's FutureGen Clean Coal project (which was actually shelved during Bush's second term, only to be later revived by President Obama), to the downfall of Solyndra under the Obama Administration, we've all seen our fair share of disappearing tax dollars in the energy game.

Well today, we have another failed government energy project to share with you.

We recently learned that a government-funded project designed to convert weapons-grade plutonium into mixed oxide fuel used in nuclear reactors has cost taxpayers $7.7 billion so far – with little to show for it.

The initial cost estimate was $1.6 billion. But now, ten years behind schedule, combined with a recent life-cycle cost estimate shows a projected cost of about $22.1 billion when it's ready to open in 2019.

moxKind of puts some of those other boondoggles in perspective, huh?

In any event, the project was caught off guard after it lost a contract to sell the fuel to Duke Energy. To date, there is still no buyer.

According to a DOE budget report, this particular plutonium disposition approach may be unaffordable due to cost growth and fiscal pressure.


Energy demand will increase 58% over the next 25 years.

Trillions will be spent to secure the world's energy supply over the next two decades... and all sources are on the table.

Oil, Natural Gas, Solar, Wind. There will be money made.

Follow the money trail. Sign up for Energy and Capital now--It's free.

We never spam! View our Privacy Policy

By signing up, you'll also get our latest report, Six Oil & Gas Steals.

Related Articles

Fisker Karma Cost Taxpayers
Fisker Automotive could soon be the next DOE loan casualty. But it does not represent the entire electric car sector.
An $8 Billion Investment for BP (NYSE:BP)
After selling its share in TNK-BP to Rosneft (MM:ROSN), BP (NYSE:BP) is now planning an $8 billion share buyback...
Cheap Energy Resource Investing
When it comes to a lack of support for renewables or the declining coal industry, don't blame the government. Blame cheap natural gas.

Invest in the Lithium Revolution
Lithium Demand is Going Berserk
Investing in the Tesla (NASDAQ: TSLA) Powerwall
Tesla (NASDAQ: TSLA) Just Killed Your Power Company
Tesla (NASDAQ: TSLA) Powerwall Investing
How to Make $800 Million in One Week!
Putin and Saudi Arabia: Oil Dream Team Meet
Marijuana Bank Investing
3 Guaranteed Profits: Gambling, Prostitution, and...