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RCED-83-151 1 (1983-05-12)

handle is hein.gao/gaobabmzb0001 and id is 1 raw text is: ___ UNITED STATES GENERAL ACCOUNTING OFFICE JWASHINGTON, D.C. 20548 RESOURCES, COMMUNITY, AND ECONOMIC OEVELOPMENT DIVISION B-104105 The Honorable John D. Dingell MAY 12,1983 Chairman, Subcommittee on Oversight and Investigations Committee on Energy and Commerce House of Representatives The Honorable Richard L. Ottinger Chairman, Subcommittee on Energy Conservation and Power 121401 Committee on Energy and Commerce House of Representatives The Honorable Howard H. Baker, Jr. United States Senate The Honorable Gordon J. Humphrey United States Senate The Honorable James A., McClure United States Senate The Honorable Marilyn Lloyd House of Representatives Subject: Analysis of Studies on Alternative Financing for Ithe Clinch River Breeder Reactor (GAO/RCED-83-151) The Conference Committee Report for the Further Continuing Appropriations Act for Fiscal Year 1983 (Public Law 97-377, Dec. 20, 1982) directed the Department of Energy (DOE) to report to the Congress by March 15, 1983, on options for securing addi- tional private sector financing for the Clinch River Breeder Re- actor (CRBR) project. When CRBR was first authorized in 1970 it was estimated to cost $700 million with private sponsors and the Government assuming nearly equal shares of the project's cost. However, the private contribution was fixed while the Government was responsible for cost increases. In the intervening years project costs have increased to an estimated $4 billionI of which the Government's share is about $3.7 billion. Against this backdrop, the Conference Committee requested DOE to report on additional private financing. tIn 1982 DOE estimated that CRBR would cost $3.6 billion. This figure is obtained by subtracting net revenue during the proj- ect's first 5 years of operation from construction cost. The $4 billion figure represents construction cost without subtracting net revenue.

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