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Upfront costs for nuclear reactors, even if they’re never built

Critic: Proposed MidAmerican nuclear plant is “socialism” Des Moines Register 14 Feb 12, A steady critic of MidAmerican Energy’s proposed nuclear plant in Iowa said legislation backing the project amounts to “socialism” and would cost average ratepayer more than $800 a year.

Iowa lawmakers are considering a bill, House File 561, backed by MidAmerican, that would allow the investor owned utility to charge ratepayers for up front costs for the project, even if the reactors are never built.

That bill stalled last year in the Iowa Senate, where it now is before the Commerce Committee and has substantial support.

Mark Cooper, senior fellow at Vermont Law School’s Institute for Energy and the Environment, said the legislation amounts to “nuclear socialism.” “Building new nuclear reactors is entirely uneconomic,” Cooper said. “Nuclear reactors cannot compete with a range of alternatives on price. Construction is so risky, the capital market has said they won’t fund them at normal rates.”

“Under normal market conditions, this power wouldn’t be supplied. The utilities recognize that,so they are pushing for special treatment,” Cooper said. “They want suspension o fmarket forces and suspension of consumer protection.”….  http://www.desmoinesregister.com/article/20120214/NEWS/120214020/1007/NEWS05

February 15, 2012 - Posted by | business and costs, USA

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