However, to do so, the company has asked the General Assembly to do away with a law that bans rate increases while a new power plant is being built. In other words, no rate hikes until after the plant is producing power.

AmerenUE has told members of the Legislature that the company can't build a second Callaway reactor if the lawmakers do not allow cost recovery during construction. There is support for the legislation and, as expected, opposition. The bill is in the hands of the Senate Commerce, Consumer Protection, Energy and Environment Committee. It would apply to new plants powered by nuclear energy, renewable sources or new coal technology.

Supporters argue that the nuclear power plants are safe, efficient, carbon-free and this one is needed for a balanced energy polrtfolio in Missouri. Also, AmerenUE says that construction costs are so high that it needs revenue as the plant is being built to offset borrowing costs. Opponents include some environmentalists, with perhaps the strongest argument being made as to how well residential and industrial customers would be protected from large rate hikes. Others say that elements of the bill need modification.

The Public Service Commission would have the responsibility to make sure the rate increases are not excessive.

The plant is expected to cost about $6 billion, making it the largest ever construction project in the state. Thousands of workers will be required to built the plant.

Why give a break to the utility in a pay-as-you-build plan? Well, one could argue that we do it for government. An example is the special city sales tax to finance the four-lane Highway 100 from Washington to Interstate 44. We're paying the tax to finance half the cost while construction is in progress. Private companies often pay for expansion by raising their prices during construction.

If you are looking to the future, the second nuclear plant is needed. If the rate hikes aren't excessive, since they would be spread out across the company's entire rate base, and the plant won't be built without the pay-as-you-build provision, lawmakers need to take a close look at this legislation and look to the future. The more we look at it, the more sense it makes.