On Friday the House of Representatives passed a bill that would end the Department of Energy's loan guarantee program.
While the No More Solyndras Act was named for the failed solar panel manufacturer and followed Republicans' 18-month investigation into its $535 million loan, the legislation would also prohibit the Department of Energy from issuing loan guarantees for new nuclear plants.
The ban would apply to all projects with applications submitted after 2011 and would require projects applying earlier to receive additional approval from the Treasury Department. Presumably, that would include the $8.3 billion loan guarantee for Southern Co.'s $14 billion expansion at Plant Vogtle. Its loan guarantee was conditionally granted in 2010, although negotiations between Southern and DOE are expected to continue into the end of this year.
The House voted 245-161 to approve the measure, with 22 Democrats and all but four Republicans voting in favor, The Hill reported. The bill's odds of becoming law are next to zero, as the legislation lacks support in the Senate. Nonetheless, the legislation demonstrates broad conservative opposition to federal loan guarantees for energy projects in an election year when both the White House and control of the Senate are up for grabs.