Power generator Exelon has called off plans to build a new nuclear plant in Texas due to fears over the economy and limited availability of federal loan guarantees, the company announced.
The company, which is the largest nuclear power generator in the US, is the second company in the past two months to postpone work for a new nuclear plant. AmerenUE said in April that it was suspending work on a reactor in Missouri.
“We just aren’t in a place to pursue the nuclear project,” Exelon’s chairman and CEO John Rowe, told The Associated Press in an interview.
A wave of new nuclear plants is expected to play a giant role in meeting the growing need for electricity in the US but projects are proving difficult to finance.