William Fletcher and Craig Smith write about the hurdles for a nuclear power revival.
- While there are several companies and entrepreneurs that are making innovative nuclear power plant designs and concepts, the industry is hindered by outdated regulations and financial burdens.
- The Nuclear Regulatory Commission (NRC) licensing process is slow and expensive and as a result only two new reactors have been approved in the last 30 years.
- Financing a new power plant is another hurdle, as the upfront costs are massive and it takes a few decades to see a return on the investment.
- While these are hard issues to address, modernizing regulations could go a long way in reducing the costs associated with nuclear power.
“Nuclear power has to be competitive with other sources of electricity based on the cost per kilowatt hour, especially in deregulated electricity markets. In regulated markets, customers pay whatever rates are approved by the public utility commission. Nuclear power benefits from its ability to deliver near full power 24/7, contributing to the stability of the electrical grid.”
Read the full article here.
The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.
