Investing in nuclear power? Don’t. It’s a scam

Don’t Invest in Nuclear Power. It’s a Sucker’s Bet. It was a Scam! Energy and Capital by Jeff Siegel February 21, 2017 Donald Trump is considered to be one of the greatest salesmen of all time.

But not even Trump would be able unload this steaming pile.

Last week, after Toshiba (OTCBB: TOSYY) projected a $6.3 billion write-down for its nuclear unit, management announced it was looking to sell its majority stake in Westinghouse, for which it paid $5.4 billion in 2006.

More than 10 years ago, the suits at Toshiba were overly optimistic about their ability to roll out a new generation of nuclear power plants that would be smaller, cheaper, and safer.

Today, they have four under construction in the United States and all have run into technical hiccups and cost overruns.

All in all, it was a big bet on a nuclear renaissance that, as I’ve warned dozens of times before, will never materialize in the U.S. The economics didn’t make sense 60 years ago, and they don’t make sense today….any hope of a nuclear power renaissance is based on nothing more than false hope and the illusion that’s often paraded around by lawmakers who have skin in the game.

A Very Risky Bet

In all fairness to Toshiba, the company did the Westinghouse deal right after the U.S. government ponied up a bunch of loan guarantees, tax credit packages, and cost-overrun backstops for nuclear power development.

With Washington bullish on nuclear, management likely figured it could rely on the government to help hedge some of the risk that comes along with building massive industrial projects such as nuclear power plants.

But it wasn’t enough…….https://www.energyandcapital.com/articles/dont-invest-in-nuclear-power-its-a-suckers-bet/5760

February 25, 2017 - Posted by Christina Macpherson | general

1 Comment »

It’s true. No insurance company will go anywhere a nuclear plant. It costs a buttload of money to build and try to maintain. Never mind the toxic waste that will last until almost the end of time. Nuclear plants were sold to naïve local electric utilities with the promise that they were simple to operate and anyone could have one. That’s what the folks in Sacramento were told about the new Rancho Seco plant that almost melted down several times before voters finally pulled the plug before anything worse happened. We now have cheap and efficient wind and solar, with technology racing ahead to build huge cheap batteries for use when the wind isn’t blowing or the sun shining. Don’t buy the nuclear con! There are still rich greedy b@stards trying to unload their nonsense on the public, so don’t get fooled! JUST SAY NO TO NUCLEAR.

Comment by Jack | August 4, 2019 | Reply