
Vogtle nuclear power plant is Georgia is one of the first to recieve part of $54B nuclear loan guarantees.
It’s been a busy time for nuclear power.
Last week, the US government announced it is investing $54 Billion in loans to build new nuclear power facilities. Thus ends nearly three decades of no new nuclear plants built in the US.
At the same time, Iran announces it is now a nuclear power, North Korea continues to threaten repercussions if sanctions aren’t lifted, and turmoil in Pakistan sends shudders about the fate of their nuclear arsenal. All of these countries started with nuclear energy generation. So the path between power plant and nuclear bomb continues to be tread.
So it is very difficult to separate the seemingly valid fears about developing nations’ choices of nuclear as a “clean energy” source versus bomb potential. And with China investing in nuclear, nuclear proliferation is again well underway
Is nuclear really the right path to consistent power for the US?
Cost comparison of “clean” energy
Part of the new US funding will immediately be used to build two new nuclear power plants in Georgia. Plant construction will not begin till roughly two years from now. From there, the new nuclear power plants will take between 7 and 15 years to build. So the earliest they will be online is in 2019.
Each of the announced nuclear power plants will cost $8 to $10 Billion to build. The total taxpayer $54 Billion loan program will generate power for 1.4 million people.
By comparison, large wind turbines generate enough electricity to power 600 households each. So to service the same 1.4 million people, you would need about 590 wind towers at a cost of less than $1.2 billion. Plus, wind towers only take months to a few years to install.
Both new nuclear power plants and wind farms would require new transmissions systems.
A recent study also shows that wind, at a rate of 4 to 6 cents per kilowatt hour (kW-h), is actually cheaper than coal and less than half the price of nuclear production, which is 11 to 14 cents per kW-h. However, cost comparisons like these are not apples to apples comparisons as “steady state” sources like nuclear do not have the fluctuations of wind or solar.
“Socialized” energy?
Besides costing 10 times as much to build and four to 10 times as long to actually begin generating power, nuclear power plants have proven to be bad credit risks. They have a 50% track record of defaulting on loans.
In addition to the risky investment, the owners of nuclear power plants and their vendors are major beneficiaries of taxpayer-paid subsidies.
It’s very hard in the US to isolate subsidies for any particular energy source. The money is very spread out. For example, the American oil and gas industries get $15 billion to $35 billion in US taxpayer subsidies EVERY year. The large spread is due to trying to pinpoint all the programs. From very low interest (below market) construction bonds to huge sales and income tax breaks or lowered royalties paid on US-owned properties or subsidized purchases to maintain the US Strategic Petroleum Reserve, the highly profitable oil & gas industry is made possible through individual tax payers.
For nuclear, a new power plant can have 60 to 90 percent of its construction costs paid by government subsidies.
A quick look at the Department of Energy’s 2010 budget shows that of its $27 billion budget, the DOE is spending $10 billion for nuclear defense and $7-10 billion for radioactive waste management and nuclear energy programs. By contrast, energy efficiency and renewable energy is $2.3 billion.
Energy Independence
When solar or wind are combined with a more steady state feed stock, like algae or other biofuels or even existing coal, the cost and time to build out is still a fraction of the roll-out plans for more nuclear.
Contrary to misinformation spread about renewable energy, a steady electrical supply is absolutely possible when a combination of renewable sources is used. The best example of this is China’s investment with First Solar. Using less than 80 acres located near population cents, a combination solar and bio feedstock facility will constantly generate nearly 12,000 megawatts of energy.
In contrast, more than 60% of the US uranium supply is imported. So we continue to be dependent on other nations for most of the energy produced by nuclear plants. Albeit the sources are places like Canada and Australia versus the volatile Middle East, but the source uranium is still imported. And much of the mining is open pit with resultant demolition and despoiling of the natural environment and ongoing issues with pollutants.
And, like oil, there is a fear of Peak Uranium that “no amount of money” will be able to buy the uranium required over the next 50 years.
Long term costs
In the US, many small communities are requiring wind farm operators to put aside funds and sign formal agreements for disposing of wind towers after they are decommissioned. This is a smart practice. The companies that profit from power generation should also set aside enough “insurance” to clean up in case of accidents, failures or just end-of-life of their facility. This includes cleaning up a coal or uranium mine or decommissioning old nuclear plants.
For example, it took 14 years and over $1billion (roughly $2.2 billion in today’s terms) to clean up one reactor spill at Three Mile Island. Tons of Three Mile Island’s radioactive wreckage is still being monitored and stored by the DOE’s National Engineering Laboratory and will continue to do so for long into our future.
Although there are discussions that new nuclear technologies make the amount of waste smaller and that reprocessing is also an option (problem is that requires separation of uranium and plutonium, which is used for bombs). In all cases, there will continue to be a need for an underground repository with monitoring and security costs running well beyond any foreseeable future.
In other words, it is the taxpayer and not the nuclear power company that continues to pay for all waste that is stored as well as the majority of cleanup or decommissioning in terms of a disaster.
Total CO2= World population x Services x Energy of each service x CO2 per unit of energy
Bill Gates just announced that over the next 40 years, we can solve energy and emissions problems by repurposing old nuclear fuel. He backs his equation on saving the planet with his personal investment in Terrapower Traveling Wave nuclear technology.
There are many pundits who say the next Great War will be fought not over oil but over water. This precious resource, water, is a major requirement of nuclear plants. An Australian study found that nuclear is a water hog:
Per megawatt existing nuclear power stations use and consume more water than power stations using
other fuel sources. Depending on the cooling technology utilized, the water requirements for
a nuclear power station can vary between 20 to 83 per cent more than for other power stations.
The investment in nuclear is that it is a no-to-low emissions electricity source. Again, that depends on your view of emissions.
Water vapor actually comprises 36-70 percent of green house gases. By comparison, carbon dioxide or CO2 is 9-26 percent. The entire premise of keeping a nuclear power plant working is steam and boiling water. Heat issues from the steam contribute to green house gas pressure as well as heating up local water sources, like freshwater rivers and lakes.
Granted there are new technologies coming available for nuclear. However, if we combine what we know today in wind, wave, solar, biofuels like algae in waste water, we can deliver the same power in less time at a fraction of the cost of even smaller nuclear power plants.
At minimum, more public input and research is needed to truly compare the long- and short-term costs of the energy government is subsidizing. It is a bit frightening how little public comment is being factored into these decisions.