U.S. to announce $6.5B loan deal for Southern Co. nuclear plant

|By:, SA News Editor

The Energy Department reportedly plans to grant final approval of $6.5B in loan guarantees for two nuclear reactors under construction in Georgia by a consortium led by Southern Co. (SO -0.4%)

The announcement, expected today, follows four years of wrangling between the government and SO over the terms of the loan agreement, which was initially offered in Feb. 2010 to support the construction of two new reactors at the Vogtle nuclear plant in Georgia.

But the announcements are coming far later than anticipated and may effectively end a program that Congress established in 2005 to jump-start a new generation of nuclear plants.