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[-] BertramDitore@lemm.ee 147 points 1 month ago

As of October 2024 Microsoft has a market cap of $3.109 Trillion. (Source). So uh, fuck that.

[-] Brokkr@lemmy.world 66 points 1 month ago* (last edited 1 month ago)

Market cap doesn't say how much cash they have available. For that, look at cash on hand which publicaly traded companies need to report

MS has about 75B cash on hand, so they could afford this themselves. They will probably argue that it will bring jobs and expertise to the state. ~~Also, it's a loan, so the interest will generate funding for the state as well.~~ nevermind, not a loan from the state, so no interest would go to the state.

[-] Repelle@lemmy.world 36 points 1 month ago

You’re right that it doesn’t mean cash on hand, but it does indicate they could liquidate some of that or borrow against it themselves.

[-] sentient_loom@sh.itjust.works 50 points 1 month ago

Yeah Microsoft should take the risk here, not American citizens.

[-] BertramDitore@lemm.ee 24 points 1 month ago* (last edited 1 month ago)

Bingo. They should invest in their own company, they have the money. There’s no reason for taxpayers to play any part in this.

[-] sunzu2@thebrainbin.org 11 points 1 month ago

Why when they can get stupid peasants to pay for it?

[-] homesweethomeMrL@lemmy.world 6 points 1 month ago

There’s the actual reason.

[-] sunzu2@thebrainbin.org 1 points 1 month ago

If people quit larping propaganda and followed the dollar from it being earned into their pocket to going back into the employer's pocket... it would a different society.

[-] Fiivemacs@lemmy.ca 23 points 1 month ago

Agreed, but they will still get it regardless but get fucked if you want healthcare.

[-] ColeSloth@discuss.tchncs.de 11 points 1 month ago

Yeah. My instant thought was "get the loan from Microsoft"

[-] peopleproblems@lemmy.world 132 points 1 month ago

No, see that is explicitly not what I agreed with before.

Microsoft buys the plant and Microsoft pays start and maintenance cost.

If it will privately benefit Microsoft they can privately fund it.

[-] SendMePhotos@lemmy.world 25 points 1 month ago

It's a taxpayer loan, so they pay it back, right?

[-] mtpender@lemmy.world 29 points 1 month ago

[Smiling Anakin]

[-] Crashumbc@lemmy.world 14 points 1 month ago

Until the loan is forgiven a few later...

[-] SendMePhotos@lemmy.world 16 points 1 month ago

Oh so it's like a PPP loan that Republicans will take out and have forgiven and then complain about student loan debt forgiveness.

[-] Jarix@lemmy.world 2 points 1 month ago

What kind of interest is on that loan?

[-] BodePlotHole@lemmy.world 72 points 1 month ago

Maybe Micro$oft should pull themselves up by their bootstraps and cut back on the avocado toast....Cunts.

[-] T00l_shed@lemmy.world 66 points 1 month ago

And there it is. I was complaining about subsiding the risk and privatize the profits.

[-] sunzu2@thebrainbin.org 16 points 1 month ago

Amazing how first headline was about microsbit needing this...

Now owner needs state aid to provide electric for microshit AI

Ain't free market capitalism great, wage slaves

U pay for everything

[-] T00l_shed@lemmy.world 11 points 1 month ago

It makes me irate. However it's not free market capitalism. This is corporate welfare.

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[-] MushuChupacabra@lemmy.world 55 points 1 month ago

Just get Microsoft to pay for all of it if they want it so badly.

[-] RememberTheApollo_@lemmy.world 52 points 1 month ago

I’m sure the taxpayers will never be on the hook for that loan.

[-] ivanafterall@lemmy.world 4 points 1 month ago

But the job creation!

[-] TimLovesTech@badatbeing.social 35 points 1 month ago

Ok, so a business loan, no big deal. Oh .... what's this?

If Constellation received a federal loan guarantee, much of the risk attached to the project would be shifted to taxpayers in the event of a default. It also would reduce the borrowing costs needed to finance to the restart. The project still needs to obtain regulatory approvals to move forward and would require intensive safety oversight during and after the restart.

Well that doesn't sound good, I would like some reassurance. Constellation, what say you?

"Rest assured that to the extent we may seek a loan, Constellation will guarantee full repayment," the company's statement said. "Any notion that taxpayers are taking on risk here is fanciful given that any loan will be backstopped by Constellation's entire $80-billion-plus value."

Ah good. A company that for sure is going to hold to its word and not shaft the state or tax payers. Great!

Due to the age of the plant, some experts have cautioned that the project may require significant investments in refurbishments and maintenance beyond the period of the restart.

"The $1.6 billion is just the start," Mark Jacobson, a professor of civil and environmental engineering at Stanford University, told the New Republic. "Microsoft will be asking for government handouts just like most all other aged nuclear reactor owners have asked in multiple states."

Super, a for profit company worth 3.11 trillion USD (as of 1:25pm EDT) that just needs government handouts for it's business based on choices it has made to further its own worth. That sounds great, I'm sure taxpayers will get a return on that investment right? Right??

In September, Pennsylvania Gov. Josh Shapiro touted thousands of energy jobs that will be created by Constellation's plans at Three Mile Island. Constellation, which plans to rename the facility the Crane Clean Energy Center, has claimed it will generate about $3 billion in state and federal tax revenue.

OK, so $3 billion minus $1.6 billion equals $1.4 billion, minus whatever Microsoft gets as a handout (likely equal to or more than $1.6 billion) equals potential negative billions? Yay capitalism! I'm so happy that the US is willing to help small businesses like this.

[-] Rentlar@lemmy.ca 19 points 1 month ago

Any notion that taxpayers are taking on risk here is fanciful given that any loan will be backstopped by Constellation's entire $80-billion-plus value.

Not to worry taxpayers, despite us paying out dividends to equity holders, our $70 billion plus value means this loan is still safe and sound!

Don't worry taxpayers about us spinning off 90% of our assets to Galaxy Brain Energy, a totally independent and different energy company that we didn't just pull out of our ass. The loan is still backed by our $7 billion plus value, trust!

[-] sentient_loom@sh.itjust.works 16 points 1 month ago

So let Microsoft pay to restart it.

I guess it the government gives them the loan then the gov't gets interest payments, which must help inflation over time. Assuming that they make those payments...

[-] Gammelfisch@lemmy.world 13 points 1 month ago

Watch the Netflix documentary about the Three Mile Island accident. Yeah, fuck that shit and keep it shutdown until maximizing profits becomes a lower priority than safety.

[-] mindaika@lemmy.dbzer0.com 10 points 1 month ago

Neat. So is Microsoft going to make that loan in cash or…?

[-] TriflingToad@lemmy.world 9 points 1 month ago
[-] yessikg@lemmy.blahaj.zone 8 points 1 month ago

How about we give the power company those 1.6 billion to build wind and solar instead? They are much faster to deploy

[-] TheMightyCanuck@sh.itjust.works 8 points 1 month ago

Yay more nuclear power for a grid in need.

Boo that it's hoping federal funds pay for Microsofts powersuck of an AI

The grid isn't getting the power. It's all for Microsoft.

[-] TheMightyCanuck@sh.itjust.works 11 points 1 month ago

Oh even worse. What the actual fuck

[-] MutilationWave@lemmy.world 3 points 1 month ago* (last edited 1 month ago)

I'm not happy about it either but they're going to build the thing no matter what, at least there's more nuclear power moving forward.

[-] sunzu2@thebrainbin.org 2 points 1 month ago

That's today's America, boy

[-] Serinus@lemmy.world 1 points 1 month ago

Well, it'll be putting stain on the grid, more than likely.

[-] KingThrillgore@lemmy.ml 5 points 1 month ago

Ah there's the squeeze

[-] yesman@lemmy.world 4 points 1 month ago

OK, the Utility is getting a loan against expected future payments by Microsoft. So, if all goes to plan, MICROSOFT IS PAYING FOR THIS!

[-] reddig33@lemmy.world 29 points 1 month ago* (last edited 1 month ago)

If Microsoft is paying for it, why do they need a loan?

Will Microsoft also be paying for any nuclear waste disposal?

[-] sunzu2@thebrainbin.org 2 points 1 month ago

To ask is to answer...

Deny corpo parasite state aid!

[-] Ensign_Crab@lemmy.world 2 points 1 month ago* (last edited 1 month ago)

Ages ago, I read a book called N.U.K.E.E.

I don't remember all the specifics, but this seems hauntingly familiar.

[-] tal@lemmy.today 1 points 1 month ago

considers

If it gets a federal subsidy, that subsidy is going to really primarily benefit Pennsylvania, yes?

I mean, yes, power from it maybe -- if Microsoft isn't schlorping all of it up -- help support the grid in the region a bit. But if Microsoft's building a datacenter in Pennsylvania and this is subsidizing a nuclear power plant in Pennsylvania, the benefit's really principally going to Pennsylvania alone, other than in the limited sense that it reduces carbon dioxide emissions.

California or Nevada, say, isn't going to benefit from that either way.

Like, if there's some sort of federal subsidy accessible to any state that wants to do nuclear power build-out and that this is just how Pennsylvania chooses to make use of it, that might be one thing.

[-] ozymandias117@lemmy.world 3 points 1 month ago

Microsoft has agreed to purchase all of the power from the reactor over the next 20 year

https://techcrunch.com/2024/09/20/microsoft-taps-three-mile-island-nuclear-plant-to-power-ai/?guccounter=1

The original reporting sounded decent - Microsoft was spinning up a decommissioned reactor, everyone wins

This new reporting of they can't afford it makes it seem like a bad idea in its entirety

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this post was submitted on 04 Oct 2024
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