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Three Mile Island owner seeks $1.6 billion federal loan to restart nuclear plant for Microsoft AI facility

⁨277⁩ ⁨likes⁩

Submitted ⁨⁨1⁩ ⁨month⁩ ago⁩ by ⁨ArtikBanana@lemmy.dbzer0.com⁩ to ⁨technology@lemmy.world⁩

https://www.phillyvoice.com/three-mile-island-microsoft-ai-federal-loan-data-center-pennsylvania/

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Comments

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  • BertramDitore@lemm.ee ⁨1⁩ ⁨month⁩ ago

    As of October 2024 Microsoft has a market cap of $3.109 Trillion. (Source). So uh, fuck that.

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    • Brokkr@lemmy.world ⁨1⁩ ⁨month⁩ ago

      Market cap doesn’t say how much cash they have available. For that, look at cash on hand which publicaly traded companies need to report

      MS has about 75B cash on hand, so they could afford this themselves. They will probably argue that it will bring jobs and expertise to the state. Also, it’s a loan, so the interest will generate funding for the state as well.

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      • Repelle@lemmy.world ⁨1⁩ ⁨month⁩ ago

        You’re right that it doesn’t mean cash on hand, but it does indicate they could liquidate some of that or borrow against it themselves.

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    • Fiivemacs@lemmy.ca ⁨1⁩ ⁨month⁩ ago

      Agreed, but they will still get it regardless but get fucked if you want healthcare.

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    • ColeSloth@discuss.tchncs.de ⁨1⁩ ⁨month⁩ ago

      Yeah. My instant thought was “get the loan from Microsoft”

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  • peopleproblems@lemmy.world ⁨1⁩ ⁨month⁩ ago

    No, see that is explicitly not what I agreed with before.

    Microsoft buys the plant and Microsoft pays start and maintenance cost.

    If it will privately benefit Microsoft they can privately fund it.

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    • SendMePhotos@lemmy.world ⁨1⁩ ⁨month⁩ ago

      It’s a taxpayer loan, so they pay it back, right?

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      • mtpender@lemmy.world ⁨1⁩ ⁨month⁩ ago

        [Smiling Anakin]

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      • Crashumbc@lemmy.world ⁨1⁩ ⁨month⁩ ago

        Until the loan is forgiven a few later…

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      • Jarix@lemmy.world ⁨1⁩ ⁨month⁩ ago

        What kind of interest is on that loan?

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  • BodePlotHole@lemmy.world ⁨1⁩ ⁨month⁩ ago

    Maybe Micro$oft should pull themselves up by their bootstraps and cut back on the avocado toast…Cunts.

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  • T00l_shed@lemmy.world ⁨1⁩ ⁨month⁩ ago

    And there it is. I was complaining about subsiding the risk and privatize the profits.

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    • sunbeam60@lemmy.one ⁨1⁩ ⁨month⁩ ago

      They are seeking a LOAN.

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      • T00l_shed@lemmy.world ⁨1⁩ ⁨month⁩ ago

        They don’t need a LOAN, they can pay out of POCKET. Also if it DEFAULTS the TAX PAYERS will end up footing the BILL. How much MONEY will MS make off of this? Will they take care of clean up if something bad happens? If it’s a federal loan who provides the money off the bat?

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      • umami_wasbi@lemmy.ml ⁨1⁩ ⁨month⁩ ago

        Think what happen M$ decided to scrap the new data center, or straight up not buying power from the plant? What if the plant can’t make a profit? Who is going to pay when it defaults? What’s the period and interest rate of the loan? So many question, so little answers.

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  • MushuChupacabra@lemmy.world ⁨1⁩ ⁨month⁩ ago

    Just get Microsoft to pay for all of it if they want it so badly.

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  • RememberTheApollo_@lemmy.world ⁨1⁩ ⁨month⁩ ago

    I’m sure the taxpayers will never be on the hook for that loan.

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    • ivanafterall@lemmy.world ⁨1⁩ ⁨month⁩ ago

      But the job creation!

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  • TimLovesTech@badatbeing.social ⁨1⁩ ⁨month⁩ ago

    Ok, so a business loan, no big deal. Oh … what’s this?

    If Constellation received a federal loan guarantee, much of the risk attached to the project would be shifted to taxpayers in the event of a default. It also would reduce the borrowing costs needed to finance to the restart. The project still needs to obtain regulatory approvals to move forward and would require intensive safety oversight during and after the restart.

    Well that doesn’t sound good, I would like some reassurance. Constellation, what say you?

    “Rest assured that to the extent we may seek a loan, Constellation will guarantee full repayment,” the company’s statement said. “Any notion that taxpayers are taking on risk here is fanciful given that any loan will be backstopped by Constellation’s entire $80-billion-plus value.”

    Ah good. A company that for sure is going to hold to its word and not shaft the state or tax payers. Great!

    Due to the age of the plant, some experts have cautioned that the project may require significant investments in refurbishments and maintenance beyond the period of the restart.

    “The $1.6 billion is just the start,” Mark Jacobson, a professor of civil and environmental engineering at Stanford University, told the New Republic. “Microsoft will be asking for government handouts just like most all other aged nuclear reactor owners have asked in multiple states.”

    Super, a for profit company worth 3.11 trillion USD (as of 1:25pm EDT) that just needs government handouts for it’s business based on choices it has made to further its own worth. That sounds great, I’m sure taxpayers will get a return on that investment right? Right??

    In September, Pennsylvania Gov. Josh Shapiro touted thousands of energy jobs that will be created by Constellation’s plans at Three Mile Island. Constellation, which plans to rename the facility the Crane Clean Energy Center, has claimed it will generate about $3 billion in state and federal tax revenue.

    OK, so $3 billion minus $1.6 billion equals $1.4 billion, minus whatever Microsoft gets as a handout (likely equal to or more than $1.6 billion) equals potential negative billions? Yay capitalism! I’m so happy that the US is willing to help small businesses like this.

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  • Gammelfisch@lemmy.world ⁨1⁩ ⁨month⁩ ago

    Watch the Netflix documentary about the Three Mile Island accident. Yeah, fuck that shit and keep it shutdown until maximizing profits becomes a lower priority than safety.

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  • sentient_loom@sh.itjust.works ⁨1⁩ ⁨month⁩ ago

    So let Microsoft pay to restart it.

    I guess it the government gives them the loan then the gov’t gets interest payments, which must help inflation over time. Assuming that they make those payments…

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  • TheMightyCanuck@sh.itjust.works ⁨1⁩ ⁨month⁩ ago

    Yay more nuclear power for a grid in need.

    Boo that it’s hoping federal funds pay for Microsofts powersuck of an AI

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    • pearsaltchocolatebar@discuss.online ⁨1⁩ ⁨month⁩ ago

      The grid isn’t getting the power. It’s all for Microsoft.

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      • TheMightyCanuck@sh.itjust.works ⁨1⁩ ⁨month⁩ ago

        Oh even worse. What the actual fuck

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      • Serinus@lemmy.world ⁨1⁩ ⁨month⁩ ago

        Well, it’ll be putting stain on the grid, more than likely.

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  • yesman@lemmy.world ⁨1⁩ ⁨month⁩ ago

    OK, the Utility is getting a loan against expected future payments by Microsoft. So, if all goes to plan, MICROSOFT IS PAYING FOR THIS!

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    • reddig33@lemmy.world ⁨1⁩ ⁨month⁩ ago

      If Microsoft is paying for it, why do they need a loan?

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  • tal@lemmy.today ⁨1⁩ ⁨month⁩ ago

    considers

    If it gets a federal subsidy, that subsidy is going to really primarily benefit Pennsylvania, yes?

    I mean, yes, power from it maybe – if Microsoft isn’t schlorping all of it up – help support the grid in the region a bit. But if Microsoft’s building a datacenter in Pennsylvania and this is subsidizing a nuclear power plant in Pennsylvania, the benefit’s really principally going to Pennsylvania alone, other than in the limited sense that it reduces carbon dioxide emissions.

    California or Nevada, say, isn’t going to benefit from that either way.

    Like, if there’s some sort of federal subsidy accessible to any state that wants to do nuclear power build-out and that this is just how Pennsylvania chooses to make use of it, that might be one thing.

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    • ozymandias117@lemmy.world ⁨1⁩ ⁨month⁩ ago

      Microsoft has agreed to purchase all of the power from the reactor over the next 20 year

      techcrunch.com/…/microsoft-taps-three-mile-island…

      The original reporting sounded decent - Microsoft was spinning up a decommissioned reactor, everyone wins

      This new reporting of they can’t afford it makes it seem like a bad idea in its entirety

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    • AngryCommieKender@lemmy.world ⁨1⁩ ⁨month⁩ ago

      Happy Cakeday! 🍰🎂

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      • tal@lemmy.today ⁨1⁩ ⁨month⁩ ago

        Thanks!

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  • mindaika@lemmy.dbzer0.com ⁨1⁩ ⁨month⁩ ago

    Neat. So is Microsoft going to make that loan in cash or…?

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  • yessikg@lemmy.blahaj.zone ⁨1⁩ ⁨month⁩ ago

    How about we give the power company those 1.6 billion to build wind and solar instead? They are much faster to deploy

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  • Ensign_Crab@lemmy.world ⁨1⁩ ⁨month⁩ ago

    Ages ago, I read a book called N.U.K.E.E.

    This seems hauntingly familiar.

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  • chaospatterns@lemmy.world ⁨1⁩ ⁨month⁩ ago

    While I’m not a fan of the loan, I actually think that’s its a good thing because if Microsoft can break through some of the excessive red tape on nuclear plants then they’ll bring this online and hopefully prove that nuclear power can be safe and a good source of large amounts of power, when the huge demand for AI dies down, then maybe they’ll keep the plant around and provide power to the grid.

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    • MaggiWuerze@feddit.org ⁨1⁩ ⁨month⁩ ago

      when the huge demand for AI dies down, then maybe they’ll keep the plant around and provide power to the grid. they’ll abandon it to cut costs leaving the government to mop up after them as they always do

      FTFY

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      • chaospatterns@lemmy.world ⁨1⁩ ⁨month⁩ ago

        I have my doubts that a company would be able to just abandon a live and operational nuclear power plant. I’m no nuclear or power engineer, but I am familiar with data center power consumption. There are companies in the region that would absolutely build more data centers, but are power constrained from the utility companies in the area, that are not just for AI, but for general compute. Even then, it’s low carbon production energy. If you have a ton of excess power, just start forcing high carbon production facilities in the area to close and now you’ve greened the grid.

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