nuclear-news

Nuclear power – the crippling cost factor

Nuclear power is expensive.http://gsihn.blogspot.com.au/

The energy source of nuclear power is limited just like fossil fuel. Uranium is an element used in nuclear reactor, and only few countries around the world have access to this resource. World Nuclear Association states that “about half of world production comes from just ten mines in six countries: Australia, Canada, Kazakhstan, Namibia, Niger and Russia” (“How Uranium Ore Is Made Into Nuclear Fuel” 1). Although the United States has quite large uranium resources, most of them are low to medium-grade. According to Physicians for Social Responsibilities, the United States signed the Continuing Resolution into law in September 2008 for Russian highly enriched uranium through 2020, and “the U.S. will continue to rely on Russia for a significant amount of uranium for commercial nuclear reactors” (“Dirty, Dangerous and Expensive: The Truth about Nuclear Power” 3). Since enriched uranium is critical and limited for global supply, price of uranium is expected to increase just like fossil fuel.

The estimates for construction and maintenance of a new nuclear plant are rising. Totty points out an expensive construction of a nuclear reactor, especially after several nuclear disasters around the world, addressing “FPL Group, of Juno Beach, Fla., estimates that two new reactors planned for southeast Florida would cost between $6 billion and $9 billion each” (4). Physicians for Social Responsibilities states that loan guarantees are “most important subsidy for the nuclear industry, and the nuclear industry is seeking over $100 billion in guarantees;” however, only $18.5 billion is authorized because “failure rate for nuclear projects is very high – well above 50 percent” (“Dirty, Dangerous and Expensive: The Truth about Nuclear Power” 3). If nuclear power receives public subsidies and leads to failure, taxpayers will be held responsible for the payouts, which is unbearable in free market (Rowell 2). Rowell further informs about the Finnish reactor subsidized by the French nuclear industry, which is under investigation by the Finnish nuclear safety regulator STUK due to cost overruns and delays (2). The prices of constructing and maintaining a nuclear power plant are increasing at exponential rates every year, and the nuclear energy is already inefficient both economically and politically.
Work Cited
“Dirty, Dangerous and Expensive: The Truth about Nuclear Power.” Physicians for Social Responsibility: United States Affiliate of International Physicians for the Prevention of Nuclear War. Web.

“How Uranium Ore Is Made Into Nuclear Fuel.” World Nuclear Association. Web.

Rowell, Alexis. “Ten Reasons Why New Nuclear Was a Mistake – Even Before Fukushima.”Transition Culture. Web. 15 March. 2011.

Totty, Michael. “The Case For and Against Nuclear Power.” The Wall Street Journal. Web. 30 June. 2008.

November 4, 2014 - Posted by Christina Macpherson | 2 WORLD, business and costs