The nation’s largest federal utility is selling an unfinished nuclear power plant in Alabama for a fraction of the money they put into it.
According to the AP, the Tennessee Valley Authority spent $5 billion on its Bellefonte Nuclear Plant over the past 40 years and is now preparing to sell it at a public auction for “a minimum bid of $36.4 million” — a fraction of the original cost.
The buyer would receive “two unfinished nuclear reactors, transmission lines, office and warehouse buildings, eight miles of roads, a 1,000-space parking lot,” and “1,600 surrounding acres of waterfront property on the Tennessee River.”
“Initial bids are due Monday,” and one company is already interested in purchasing “the site with plans to use it for alternative energy production.”
The TVA, however, doesn’t care about what the potential purchaser might do with it.
TVA spokesman Scott Fielder said to the AP that the main purpose for selling the property was for “jobs and investment.”
Bellefonte’s sale is creating hope for residents of Hollywood, Alabama, who are looking forward to having good-paying jobs in the town after the plant’s promise of jobs never came to fruition.
“It was a great thing but then they just pulled the plug and left out, you know,” said Hollywood Mayor Frank “Buster” Duke to the AP.
Phoenix Energy from Nevada has planned to buy the property since May and has already offered $38 million for Bellefonte. Phoenix Energy plans to use non-nuclear technology at the site to generate power.