The True Cost of Nuclear Bureaucracy
Publicly traded NuScale Power (SMR) suffered a terrible setback last November when it had to cancel a carbon-free power project with the Utah Associated Municipal Power Systems. The project had been under development for a decade with the support of the U.S. Department of Energy. And it still failed.
The problem was that the costs of getting the nuclear power plant operational skyrocketed from $5.3 billion to $9.3 billion. Put simply, the business model wouldn’t work. There weren’t enough utility customers to justify the financing of such an incredible sum. So the deal fell through. Instead of carbon-free energy, the area will have to fall back on increasing demand for fossil fuels. Not surprisingly, NuScale’s stock price was destroyed. It fell from around $15 a share last September, when the project was expected to move forward… to just $2 a share by November when the project was canceled.
But that wasn’t the end of the story, as we can see above. Remember, the Advanced Nuclear Development Act was introduced in November. Political and regulatory support for small modular reactors has been picking up since then. The most recent development is an announcement from the Department of Energy (DOE) last week. It will fund up to $900 million in initial deployments of SMR technology in the U.S.
The DOE announced that it will begin taking funding solicitations in late summer/early fall this year.
It’s not a coincidence that Bill Gates-backed TerraPower has now entered the scene.
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2wThe theory and facts in ignorance as in the inept, is obvious as to economic benefit is not only disastrous, but suicidal. For the first mentioned, Chernobyl or Fukushima is part of mass consumerism. For the latter, it should be the persuasion to seek non-polluting means and the obviousness of irreparable danger as destructive. Of course, we are talking about the power of analysis and the minimum indispensable responsibility that is not had in all orders of activities, since this has been supplanted by the mediocrity of opportunism or the decision of the inconceivable subtle improvisation of experts in disasters, that is to say a vaccine worse than the disease, at that rate the indulgence of fools and the onslaught of pretentious leaders and failed advisory committees, have led to collapse, which we regret today, with losses in trillions and in gains for those who ???