FacebookTwitterGoogle+RedditEmail

No Nuclear Nirvana

Is the nuclear drought over?

When the Nuclear Regulatory Commission (NRC) recently approved two new nuclear reactors near Augusta, Georgia, the first such decision in 32 years, there was plenty of hoopla.

It marked a “clarion call to the world,” declared Marvin S. Fertel, president of the Nuclear Energy Institute. “Nuclear energy is a critical part of President Obama’s all-of-the-above energy strategy,” declared Energy Secretary Chu, who traveled in February to the Vogtle site where Westinghouse plans to build two new reactors.

But it’s too soon for nuclear boosters to pop their champagne corks. Japan’s Fukushima disaster continues to unfold nearly a year after the deadly earthquake and tsunami unleashed what’s shaping up to be the worst nuclear disaster ever. Meanwhile, a raft of worldwide reactor closures, cancellations, and postponements is still playing out. The global investment bank UBS estimates that some 30 reactors in several countries are at risk of closure, including at least two in highly pro-nuclear France.

And Siemens AG, one of the world’s largest builders of nuclear power plants, has already dumped its nuclear business.

Recently, Standard and Poor’s (S&P) credit rating agency announced that without blanket financing from consumers and taxpayers, the prospects of an American nuclear renaissance are “faint.” It doesn’t help that the nuclear price tag has nearly doubled in the past five years. Currently reactors are estimated to cost about $6 to $10 billion to build. The glut of cheap natural gas makes it even less attractive for us to nuke out.

How expensive is the bill that S&P thinks private lenders will shun?

Replacing the nation’s existing fleet of 104 reactors, which are all slated for closure by 2056, could cost about $1.4 trillion. Oh, and add another $500 billion to boost the generating capacity by 50 percent to make a meaningful impact on reducing carbon emissions. (Nuclear power advocates are touting it as a means of slowing climate change.) We’d need to fire up at least one new reactor every month, or even more often, for the next several decades.

Dream on.

Meanwhile, Japan — which has the world’s third-largest nuclear reactor fleet — has cancelled all new nuclear reactor projects. All but two of its 54 plants are shut down. Plus the risk of yet another highly destructive earthquake occurring even closer to the Fukushima reactors has increased, according to the European Geosciences Union.

This is particularly worrisome for Daiichi’s structurally damaged spent fuel pool at Reactor No. 4, which sits 100 feet above ground, exposed to the elements. Drainage of water from this pool resulting from another quake could trigger a catastrophic radiological fire involving about eight times more radioactive cesium than was released at Chernobyl.

Ironically, the NRC’s decision to license those two reactors has thrown a lifeline to Japan’s flagging nuclear power industry (along with an $8.3-billion U.S. taxpayer loan guarantee). Toshiba Corp. owns 87 percent of Westinghouse, which is slated to build the new reactors. Since U.S.-based nuclear power vendors disappeared years ago, all of the proposed reactors in this country are to be made by Japanese firms — Toshiba, Mitsubishi, and Hitachi — or Areva, which is mostly owned by the French government. According to the Energy Department, “major equipment would not be manufactured by U.S. facilities.”

For Southern Co., which would operate the Vogtle reactors, the NRC’s approval is just the beginning of a financial and political gauntlet it must run through. Over the strenuous objections of consumers and businesses, energy customers will shoulder the costs of financing and constructing this $17-billion project, even if the reactors are abandoned before completion. If things don’t turn out, U.S. taxpayers will also be on the hook for an $8.3-billion loan guarantee that the Energy Department has approved.

The Congressional Budget Office and the Government Accountability Office estimate that nuclear loan guarantees have a 50/50 chance of default.

Nearly four decades after the Three Mile Island accident, nuclear power remains expensive, dangerous, and too radioactive for Wall Street. The industry won’t grow unless the U.S. government props it up and the public bears the risks.

ROBERT ALVAREZ, an Institute for Policy Studies senior scholar, served as senior policy adviser to the Energy Department’s secretary from 1993 to 1999. www.ips-dc.org

This column is distributed by Other Words.

More articles by:

Weekend Edition
December 14, 2018
Friday - Sunday
Andrew Levine
A Tale of Two Cities
Peter Linebaugh
The Significance of The Common Wind
Bruce E. Levine
The Ketamine Chorus: NYT Trumpets New Anti-Suicide Drug
Jeffrey St. Clair
Roaming Charges: Fathers and Sons, Bushes and Bin Ladens
Kathy Deacon
Coffee, Social Stratification and the Retail Sector in a Small Maritime Village
Nick Pemberton
Praise For America’s Second Leading Intellectual
Robert Hunziker
The Yellow Vest Insurgency – What’s Next?
Patrick Cockburn
The Yemeni Dead: Six Times Higher Than Previously Reported
Nick Alexandrov
George H. W. Bush: Another Eulogy
Brian Cloughley
Principles and Morality Versus Cash and Profit? No Contest
Michael Duggin
Climate Change and the Limits of Reason
Victor Grossman
Sighs of Relief in Germany
Ron Jacobs
A Propagandist of Privatization
Robert Fantina
What Does Beto Have Against the Palestinians?
Richard Falk – Daniel Falcone
Sartre, Said, Chomsky and the Meaning of the Public Intellectual
Andrew Glikson
Crimes Against the Earth
Robert Fisk
The Parasitic Relationship Between Power and the American Media
Stephen Cooper
When Will Journalism Grapple With the Ethics of Interviewing Mentally Ill Arrestees?
Jill Richardson
A War on Science, Morals and Law
Ron Jacobs
A Propagandist of Privatization
Evaggelos Vallianatos
It’s Not Easy Being Greek
Nomi Prins 
The Inequality Gap on a Planet Growing More Extreme
John W. Whitehead
Know Your Rights or You Will Lose Them
David Swanson
The Abolition of War Requires New Thoughts, Words, and Actions
J.P. Linstroth
Primates Are Us
Bill Willers
The War Against Cash
Jonah Raskin
Doris Lessing: What’s There to Celebrate?
Ralph Nader
Are the New Congressional Progressives Real? Use These Yardsticks to Find Out
Binoy Kampmark
William Blum: Anti-Imperial Advocate
Medea Benjamin – Alice Slater
Green New Deal Advocates Should Address Militarism
John Feffer
Review: Season 2 of Trump Presidency
Rich Whitney
General Motors’ Factories Should Not Be Closed. They Should Be Turned Over to the Workers
Christopher Brauchli
Deported for Christmas
Kerri Kennedy
This Holiday Season, I’m Standing With Migrants
Mel Gurtov
Weaponizing Humanitarian Aid
Thomas Knapp
Lame Duck Shutdown Theater Time: Pride Goeth Before a Wall?
George Wuerthner
The Thrill Bike Threat to the Elkhorn Mountains
Nyla Ali Khan
A Woman’s Selfhood and Her Ability to Act in the Public Domain: Resilience of Nadia Murad
Kollibri terre Sonnenblume
On the Killing of an Ash Tree
Graham Peebles
Britain’s Homeless Crisis
Louis Proyect
America: a Breeding Ground for Maladjustment
Steve Carlson
A Hell of a Time
Dan Corjescu
America and The Last Ship
Jeffrey St. Clair
Booked Up: the 25 Best Books of 2018
David Yearsley
Bikini by Rita, Voice by Anita
FacebookTwitterGoogle+RedditEmail