By Bill Britt
Alabama Political Reporter
When a billion dollar out-of-state investment fund pays three times the starting price for a 40-year-old nuclear plant that has never produced one kilowatt of energy, there are reasons to explore events surrounding its purchase.
The June 2016 issue of Popular Mechanics found that “nuclear development in the United States today [is] slow, over-budget, economically untenable.”
However, in November 2016, a group led by Tennessee billionaire real estate developer Franklin Haney placed the winning bid on the unfinished Bellefonte Nuclear Plant just north of Scottsboro. He paid $111 million for a facility whose owners, power-giant Tennessee Valley Authority (TVA), never completed and abandoned all ideas of reviving in 2015. At the time of purchase, the Washington, DC-based Nuclear Holdings LLC said it planned to invest $13 billion in the site.