What Nuclear Renaissance? (The Nation)

[struggle4progress]

posted April 24, 2008 (May 12, 2008 issue)
Christian Parenti

... The fact is, nuclear power has not recovered from the crisis that hit it three decades ago with the reactor fire at Browns Ferry, Alabama, in 1975 and the meltdown at Three Mile Island in 1979. Then came what seemed to be the coup de grâce: Chernobyl in 1986. The last nuclear power plant ordered by a US utility, the TVA's Watts Bar 1, began construction in 1973 and took twenty-three years to complete. Nuclear power has been in steady decline worldwide since 1984, with almost as many plants canceled as completed since then ...

"Wall street doesn't like nuclear power," says Arjun Makhijani of the Institute for Energy and Environmental Research. The fundamental fact is that nuclear power is too expensive and risky to attract the necessary commercial investors. Even with vast government subsidies, it is difficult or almost impossible to get proper financing and insurance. The massive federal subsidies on offer will cover up to 80 percent of construction costs of several nuclear power plants in addition to generous production tax credits, as well as risk insurance. But consider this: the average two-reactor nuclear power plant is estimated to cost $10 billion to $18 billion to build. That's before cost overruns, and no US nuclear power plant has ever been delivered on time or on budget ...

Sixty years ago, the technology was swathed in manic space-age optimism--its electricity was going to be "too cheap to meter." While that wasn't true, nuclear power did serve a key role in the cold war: spent nuclear fuel rods are refined for weapons-grade plutonium and enriched uranium. That fact aside, rarely has so much money, scientific know-how and raw state power been marshaled to achieve so little. By some estimates, an investment of several hundred billion dollars has led to a US nuke industry of 104 operating plants--about a quarter of the global total--that produces a mere 19 percent of our electricity ...

Atomic optimism run amok caused the largest municipal bond default in US history. In 1983 Washington Public Power Supply System abandoned three nuke plants in midconstruction. The projects were plagued by massive cost overruns--one infamous section of piping was reinstalled seventeen times, safety inspections were blatantly ignored, incompetent contractors were allowed to continue work and on and on. When the project finally died, unfinished costs had ballooned to $24 billion, and the utility walked away from $2.25 billion worth of bonds ...

http://www.thenation.com/doc/20080512/parenti