In an effort to jump-start a "nuclear renaissance," the Bush
Administration has pushed one package of subsidies after another. For
the past two years a program of federal loan guarantees has sat
waiting for utilities to build nukes. Last year's appropriations bill
set the total amount on offer at $18.5 billion. And now the Lieberman-
Warner climate change bill is gaining momentum and will likely accrue
amendments that will offer yet more money.

Who is holding up the show? In a
nutshell, blame Warren Buffett and the banks--they won't put up the
cash.

The massive federal subsidies on offer will cover up to 80
percent of construction costs of several nuclear power plants in
addition to generous production tax credits, as well as risk
insurance. But consider this: the average two-reactor nuclear power
plant is estimated to cost $10 billion to $18 billion to build.
That's before cost overruns, and no US nuclear power plant has ever
been delivered on time or on budget.