Money was the main focus at the final day of evidentiary hearings for a proposed third nuclear reactor at Calvert Cliffs Nuclear Power Plant.

David Schlissel, a resource planning expert and member of the American Nuclear Society, said the construction of a new plant was a risky venture because of high costs and an uncertain market.

“It’s not like you’re duplicating a Boeing 737 or something that has been done consistently for the past 30 years. This is a unique and uncertain project,” he said.

The plant could cost between $7.2 billion and $9.6 billion, according to Constellation estimates.

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Schlissel also expressed concerns with Constellation Energy’s plan for financing the project. Constellation has applied to the Department of Energy for loan guarantees to cover up to 80 percent of the money borrowed.

Under this plan, the government would essentially co-sign the loan with Constellation and repay the lender if Constellation defaults.

UniStar Nuclear Energy, a subsidiary of Constellation, asked French government agency COFAS on July 31 to help with loan guarantees for 25 percent of the project cost.

Constellation’s partnership with French firms AREVA and EDF makes it likely that France will back some of the costs.

The Department of Energy has $18 billion in guarantees to distribute to various energy companies throughout the country. There are between 20 and 30 nuclear plants in different stages of planning around the country.

“Unless that $18 billion becomes $180 billion, I don’t see any company getting 80 percent coverage,” Schlissel said.

Constellation spokeswoman Maureen Brown said Constellation is dedicated to the loan guarantee program, but would explore multiple options for financing.

“I think [Schlissel] assumed that the Department of Energy was going to split the pie 25 ways,” Brown said.

The State’s Power Plant Research Program also called several witnesses to testify about environmental issues including water appropriation, air quality, ecological matters and socioeconomic issues.

The mix of contractors and state employees did not seem to have any major objections to the construction. Most of their questions centered around minor conditions.

The two sides will meet during the week to try to settle these differences, and the final public hearing will be held next Tuesday night in Lusby.

Joel Bright, the hearing’s head examiner, said he expected a final decision to be made by late September or early October.

daniel.murphy@baltimoreexaminer.com