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122378 1 (1983-09-20)

handle is hein.gao/gaobactdj0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE QG WASHINGTON, D.C. 20548 FOR RELEASE ON DELIVERY Expected at 9:00 A.M. Tuesday, September 20, 1983 STATEMENT OF J. DEXTER PEACH DIRECTOR RESOURCE, COMMUNITY AND ECONOMIC DEVELOPMENT DIVISION BEFORE THE SUBCOMMITTEE ON ENERGY CONSERVATION AND POWER HOUSE COMMITTEE ON ENERGY AND COMMERCE ON PRIVATE FINANCING FOR THE CLINCH RIVER BREEDER REACTOR Since March 1983 we have been reviewing issues related to how increased private financing can be provided for the Clinch River Breeder Reactor (CRBR). We have reported on the financing frame- work which DOE and the Breeder Reactor Corporation (BRC) presented in March 1983 and the more recent BRC financing plan which DOE transmitted to the Congress in August 1983. DOE and the BRC concluded that with appropriate Government guarantees the CRBR project should be able to attract an addi- tional $825 million in new construction financing. Six hundred and seventy-five million dollars would result from the sale of bonds and $150 million would be raised from the sale of equity shares. An additional $175 million would come from the remainder of already committed utility contributions plus interest earned on such contributions while held in escrow. The bonds would be repaid from electricity sales revenue and the equity shareholders would realize all tax benefits available under the existing tax code on the total new private investment of $825 million. Also, 1 /V 00D ii JillIll 12

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