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Final Nail in Nukes’ Coffin?

Final Nail in Nukes’ Coffin? nj.com  by Bill Wolfe June 06, 2009 Huge cost overruns, construction delays, and subsidies doom nuke renaissance – “Things have not gone as planned” In a devastating story, the New York Times Business page lands what could be a knockout blow to the nuclear industry’s attempt to revive nuclear power. Nuke industry PR has argued that new “safe” and “cost effective” engineering designs have solved the safety and economic issues, while the global warming crisis warrants a huge expansion. But the Times story destroys those myths, on purely economic grounds: In Finland, Nuclear Renaissance Runs Into Trouble Cost Overruns at Finland Reactor Hold Lessons – NYTimes.com

At the same time construction costs are escalating, the industry is seeking even more subsidies by taxpayers and electric rate-payers.

The Times story is a huge warning to the Obama energy planners and to State level public utility regulators and policy makers.

Would NJ Legislators and/or the BPU allow electric consumers to get stuck with footing the bill for a failed technology?……………………..

Any move by NJ BPU to allow rate increases to subsidize nuclear construction risks would be a political nightmare.

Finally, would private investors ignore “warning lights” and take on investment risks under current (and projected) market and regulatory conditions?……………………….

“On top of such problems come the recession, weaker energy demand, tight credit and uncertainty over future policies, said Caren Byrd, an executive director of the global utility and power group at Morgan Stanley in New York.

“The warning lights now are flashing more brightly than just a year ago about the cost of new nuclear,” she said.”

Final Nail in Nukes’ Coffin? – Bill Wolfe

June 8, 2009 Posted by Christina Macpherson | business and costs, USA | antinuclear, nuclear, nuclear costs, radioactive | Leave a comment