The reason why private nuclear is no longer built in the United States is insurance. Nuclear plants are very easy for investor-owned or municipally-owned utilities to finance: you just float tax-favored bonds. The fact ratepayers are locked into their local power monopoly guarantees the bond.
Jimmy Carter wanted to end private nuclear power and he did so through covert action. The first was the Three Mile Island psyop, which was very much an insider job. The second, and more important, was to feed information to the Karen Silkwood litigators. The case Silkwood vs. Kerr McGee has spies all over it - and it went to the Supreme Court. What the held was that the Price Andersen Act did not extend to state tort liability. As a result, the liability of nuclear power operators was no longer shielded and investor-owned utilities could no longer obtain insurance to operate.
An example is the Washington Public Power Supply System which floated $8.5 Billion in muni bonds to build 5 reactors in Washington State in the late 70's. The Silkwood verdict came down, and WPPSS participants knew WPPSS couldn't obtain insurance, and it defaulted on the bonds and left the power plants unfinished.
I came to conclude that there is an entire nexus against nuclear energy, all of whose interest will be at risk if the world goes the way of France. It's an incredibly deep level of hatred and fear and difficult to overcome.
Vendor financing is probably the best option for NPP, with the support from government.
The reason why private nuclear is no longer built in the United States is insurance. Nuclear plants are very easy for investor-owned or municipally-owned utilities to finance: you just float tax-favored bonds. The fact ratepayers are locked into their local power monopoly guarantees the bond.
Jimmy Carter wanted to end private nuclear power and he did so through covert action. The first was the Three Mile Island psyop, which was very much an insider job. The second, and more important, was to feed information to the Karen Silkwood litigators. The case Silkwood vs. Kerr McGee has spies all over it - and it went to the Supreme Court. What the held was that the Price Andersen Act did not extend to state tort liability. As a result, the liability of nuclear power operators was no longer shielded and investor-owned utilities could no longer obtain insurance to operate.
An example is the Washington Public Power Supply System which floated $8.5 Billion in muni bonds to build 5 reactors in Washington State in the late 70's. The Silkwood verdict came down, and WPPSS participants knew WPPSS couldn't obtain insurance, and it defaulted on the bonds and left the power plants unfinished.
Thanks Tom,
Interesting information.
I came to conclude that there is an entire nexus against nuclear energy, all of whose interest will be at risk if the world goes the way of France. It's an incredibly deep level of hatred and fear and difficult to overcome.