Whoops Woes

A $2.25 billion default looms

The U.S. nuclear power industry has suffered many setbacks, one of the worst being the accident at Three Mile Island. But none is potentially more costly than the financial tragedy unfolding in Washington State. Next week the Washington Public Power Supply System is expected to fail to make a $15.6 million monthly debt-service payment to Chemical Bank on bonds worth $2.25 billion. The securities were issued starting in 1976 to pay for two nuclear power plants that have already been scrapped. A default would likely endanger completion of three other unfinished WPPSS plants on which $6.1 billion...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!