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Nuclear Costs

Estimates for new reactor construction costs continue to sky-rocket. Conservative estimates range between $6 and $12 billion per reactor but Standard & Poor's predicts a continued rise. The nuclear power industry is lobbying for heavy federal subsidization including unlimited loan guarantees but the Congressional Budget Office predicts the risk of default will be well over 50 percent, leaving taxpayers to foot the bill. Beyond Nuclear opposes taxpayer and ratepayer subsidies for the nuclear energy industry.

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Entries by admin (335)

Friday
Mar102017

U.S. taxpayers at risk of losing $8.3 billion if Vogtle 3 & 4 new reactor project defaults on its loan

As reported by Japan Times in an article entitled "Concerns emerge over guarantee for Toshiba's U.S. nuclear project," U.S. taxpayers are at risk of losing $8.3 billion, if the Vogtle 3 & 4 new reactor construction project in Georgia defaults on its loan repayment. That risk has increased significantly in recent months, as Toshiba-Westinghouse, a Japanese firm, teeters on the brink of bankruptcy.

Several years ago, President Barack Obama's Energy Secretary, Ernest Moniz, awarded the proponents of the Voglte 3 & 4 new reactors -- including Southern Nuclear -- an $8.3 billion federal nuclear loan guarantee, requiring no credit subsidy fee. That is, the companies have zero skin in the game.

The loan guarantee was meant to attract private Wall Street investment firms, but did not. Thus, ironically, the loan itself came from the U.S. Finance Bank, which is federal taxpayer funded. This puts federal taxpayers at even more risk from a Vogtle 3 & 4 loan default.

$8.3 billion is 15 times more taxpayer money at risk, than was lost during the Solyndra solar scandal.

Cost overruns and construction schedule delays have plagued Vogtle 3 & 4's construction from the beginning, several years ago. The problems have contributed significantly to Toshiba-Westinghouse's economic duress, leading Toshiba to exit the new reactor business, and to seek to off-load Westinghouse.

Wednesday
Mar082017

WILL NUCLEAR POWER’S DEATH SPIRAL KILL US ALL?

Beyond Nuclear joined Nuclear Information and Resource Service (NIRS) and Nuclear Energy Information Service (NEIS) on Harvey Wasserman's radio show, Solartopia Green Power and Wellness Hour. Here is Harvey's summary:

We greet three great expert activists to discuss the downfall of nuke power and the insane wave of corrupt state legislatures forking over billions to keep dying reactors on line.

KEVIN KAMPS from Beyond Nuclear in DC, DAVE KRAFT from Chicago’s Nuclear Energy Information Service and TIM JUDSON of the DC-based Nuclear Information & Resource Service join us in Solartopia to examine massive bailout efforts in Ohio, Illinois, New York and elsewhere.

We begin by assessing the final collapse of the push for new nukes in the US, especially with the collapse of Westinghouse and France’s Areva.

But we then examine the far more terrifying turf of dying old uncompetitive nukes being kept on line with huge state-based hand-outs.

Basically it boils down to your money AND your life.

Listen to an audio recording of the show here.

Tuesday
Mar072017

Debate rages in #Albany about $8B Cuomo #nuclear tax zapping #NewYorkCity ratepayers

Thanks to Scott Stapf of the Hastings Group, for that tweet above, which points to an article at Syracuse.com.

Tuesday
Mar072017

“PSEG has failed to show these NJ #nuclear plants are failing. It doesn’t make sense to give them a handout.’

Thank you to Scott Stapf of the Hastings Group for the tweet given in the subject line above. His tweet points to an article appearing in NJSpotlight.

Monday
Mar062017

NYPIRG: Huge bill hikes for #NYC hospitals, public housing from Cuomo plan to bailout upstate #nuclear reactors

Thanks to Scott Stapf of the Hastings Group for the tweet above, which points to a New York Daily News article.