Federal investment in nuclear power urged

WASHINGTON, Apr 27, 2005 -- United Press International

A utility executive Tuesday urged Congress to approve an investment in nuclear power as a means of helping the industry.

Constellation Energy Group Inc. Vice President Michael Wallace urged the Senate Energy committee to adopt the Bush administration's proposal to appropriate $56 million toward the Nuclear Power 2010 initiative that's aimed at deployment of a new generation of nuclear reactors.

Wallace told the senators a strong federal role would serve as a buffer against what he called "regulatory failure," such as court challenges and construction delays. He said while the nuclear industry has pledged to invest $650 million in the Nuclear Power 2010 project, there remains a lot of uncertainty over potentially costly stumbling bocks involving licensing and other regulatory matters.

The administration considers nuclear power to be a key source of low-cost and low-emission electricity in the years to come.

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