Because the funding is hard to get for building nuclear power plants (guess why), they’re getting government to guarantee it!

As we are told, former Nuclear Regulatory Commission member Peter Bradford, is pointing out that

the nuclear industry’s self-proclaimed renaissance was “in shambles” due to soaring costs.

So, they’ve come up with

Construction Work in Progress, or CWIP, “a splendid flimflam” [according to Bradford] by which utility managers shift all the risks of cost overruns—or the cancellation of a project after construction starts—from their investors to the general public.

And this is being applied to a plan to expand nuclear generating facilities in South Carolina to the tune of about $500 million in design costs for facilities projected to cost, at the present estimate, $11 billion. What about the investors? What about the highly paid executives of these power companies? No risk. With no risk, does this mean they’ll make the best decisions? Not likely.

We can’t afford these things. One argument used here is that natural gas is a far less expensive option for generating power. Of course, natural gas comes with its own issues in terms of hydrofracking. Things are complicated, but we should be able to choose, rather than have others who are literally and figuratively insulated from the problems, do all the decision-making.


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