Company Offers $38M for Unfinished Nuke; TVA Says No

TVA's Bellefonte Nuclear Plant in Alabama

HOLLYWOOD, Ala. (AP) - An alternative energy company says it wants to buy TVA's unfinished Bellefonte Nuclear Plant for $38 million cash. But the federal utility says the upcoming plant sale won't work that way.

Phoenix Energy of Nevada said Tuesday it made the offer in a letter to the Tennessee Valley Authority. Aside from upfront money, the company says it would pay TVA 10 percent of net profits annually until the utility's debt on the plant is paid off.

But TVA spokesman Scott Fieldler says the north Alabama site will be sold by auction, and the process of qualifying bidders hasn't even started.

Fiedler says law requires that TVA sell by auction since Bellefonte is now considered surplus property.

TVA says it has spent more than $4 billion at Bellefonte without completing it.

Copyright 2016 The Associated Press

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...