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America’s nuclear boondoggle – $billions wasted, and more costs to come

Billions lost in nuclear power projects, with more bills due, Fox Business, By SEANNA ADCOX  August 05, 2017 A decade ago, utilities were persuading politicians around the country to let them spend big to go nuclear…..

With a dozen or more nuclear power projects being developed around the nation, cost savings could be found through simultaneous construction.

State legislators were sold. In South Carolina, they even passed a law allowing utilities to charge customers up front and to recoup their investments even if the projects never produced a kilowatt. Several other Southern states also passed “pay-as-you-go” laws.

This week, having spent more than $10 billion, executives with South Carolina Electric & Gas and Santee Cooper acknowledged that all their assumptions were wrong.

Worse still: Consumers may have to pay billions more on the rusting remains of two partially-built reactors at the V.C. Summer Nuclear Station north of Columbia.

“When we started, there was talk of a nuclear renaissance restarting a whole industry in the U.S.,” said Santee Cooper’s chief financial officer, Jeff Armfield. He was among several executives recommending the project be abandoned. The board of the state-owned utility unanimously agreed at a public meeting Monday.

Most of the 18 nuclear projects pending before the Nuclear Regulatory Commission a decade ago have been aborted or suspended indefinitely. None of the 7 projects the NRC licensed are operational. Only one is still being built, in Georgia, at a cost of $100 million a month. Southern Company financial documents filed Wednesday say the project, slated to cost $14 billion, could cost $25 billion or more if completed…….http://www.foxbusiness.com/markets/2017/08/05/billions-lost-in-nuclear-power-projects-with-more-bills-due.html

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August 7, 2017 - Posted by | general

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