TVA backs out of Bellefonte deal over licensing regulations

Nuclear Development, Inc. purchased the plant during an auction in 2016.

Posted: Dec. 3, 2018 5:48 PM
Updated: Dec. 4, 2018 12:24 PM

A deal between the Tennessee Valley Authority and Nuclear Development Inc. to purchase the Bellefonte Nuclear Plant fell through after the private firm won the bid for the plant in 2016.

For 30 years, people in Hollywood have been hearing how the Bellefonte plant would bring jobs to their community and help their economy but after another deal has fallen through the cracks, they're tired of getting their hopes up.

"We know what it could do for our economy here, so we are disappointed," said State Senator Steve Livingston.

Disappointment is the common feeling many locals shared after they learned the Bellefonte Nuclear Plant construction won't happen. Many people said they hoped the plant would bring jobs to the area. State Senator Livingston said it would've brought thousands of jobs to the city.

"1,200 permanent jobs out here for the actual workers in the plant once it's constructed. And the construction jobs where it could be as many as 8,000 over a period of 7 or 8 years out here."

Nuclear Development, Inc. purchased the plant during an auction in 2016. On Friday, the company was set to make its last payment to close the deal, but instead TVA backed out.

"As I understand, this has something to do with licensing and if that's all that is and the moneys in place, I don't see why they couldn't come to terms to close."

WAAY 31 reached out to TVA to confirm a licensing issue did cause the deal to fall through. We received a statement that reads in part: "Nuclear Development did not complete the necessary Nuclear Regulatory Commission license transfer prior to the closing date as required by the Atomic Energy Act." On Friday evening, Nuclear Development filed a lawsuit against TVA.

We reached out to Nuclear Development in regards to the lawsuit to find out why they filed it and what their next steps are, but we have not heard back. 

Construction of the Bellefonte plant first began in the early 1970's and was suspended in 1988.

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