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The U.S. stands ready to construct its first new nuclear plant in almost thirty years following the Obama administration’s $8.3 billion loan guarantee to power provider Southern Company.

Obama cast the loan as a means to spur job creation during remarks before a Maryland branch of the electrical workers union Tuesday.

"It’s a plant that will create thousands of construction jobs in the next few years, and some 800 permanent jobs in the years to come,” Obama said. “This is only the beginning. My budget proposes tripling the loan guarantees we provide to help finance safe, clean nuclear facilities.”

Obama added that the creation of nuclear power plants will help the U.S. remain competitive on the world stage.

“Our competitors are racing to create jobs and command growing energy industries,” Obama stated. “Nuclear energy is no exception.”

Added the president, “Whether it is nuclear energy, or solar or wind energy, if we fail to invest in these technologies today, we’ll be importing them tomorrow.”

Obama conceded that there are environmental drawbacks linked to nuclear power, including the waste created in the production process, but argued that the absence of carbon emissions makes nuclear power an attractive concept.