That being said, decommissioning existing nuclear plants instead of doing whatever investment needed to keep them running is astonishing.
Capacity for renewables is as much as we want. We could cover the whole Southwest in solar panels and generate 10x more power than the world would ever need.
Nuclear is a backup power for when renewables fail. The wind doesn't always blow, the sun doesn't always shine.
Tl;dr nuclear is safe. But if it goes wrong, the cleanup costs can wipe out decades of profits.
That's why it's so expensive, and why private insurers refuse to touch it. Insuring it is the proverbial picking up pennies in front of a steamroller.
Downvoters: feel free to tell me why I'm wrong. I'd love to learn more. I have no axe to grind against nuclear.
If we assume nuclear has a gross profit margin of 10% like other utilities[2] then Fukushima's cleanup and compensation costs amounted to 1 year of all nuclear industry gross profits in 2021 (adjusting for the size of the industry in 2011, the various points in time when those costs were incurred, and inflation is too complex to go into here).
That's clearly a fuckton of money. Insuring against it is expensive. Blaming "regulations and tree-hugging environmentalists" for nuclear energy being expensive seems dishonest to me.
1. https://www.businesswire.com/news/home/20210721005453/en/Nuc...
2. https://www.investopedia.com/ask/answers/011915/what-average...
Do you know how much companies actually pay for private insurance in the US? I haven't been able to find details. But I did learn that private insurance caps out at $450m and the industry as a whole agrees to cover costs above that (out of their own policies) up to $12b or so. Above that, it's up to Congress to come up with the money.[1]
1. https://en.wikipedia.org/wiki/Price%E2%80%93Anderson_Nuclear...
The debate is nuclear vs solar, wind, and hydro and how the case for nuclear is framed as "ack-chually, nuclear is better than renewables and would cost less if only those damned tree-hugging libs would get over their irrational fears"
My comment was more curiosity than disagreement
Just look at the Seabrook Station power plant in New Hampshire. "Two reactors were planned at Seabrook but the first unit didn't begin full operation until 1990, a full 14 years after the construction permit was granted, and the second unit was never built due to construction delays caused by protests, cost overruns, and troubles obtaining financing. The difficulties led to the bankruptcy of Seabrook's utility owner, PSNH."
https://en.wikipedia.org/wiki/Seabrook_Station_Nuclear_Power...
http://euanmearns.com/how-long-does-it-take-to-build-a-nucle...
In 2030, people will still be against building new nuclear plants because it takes 10 years to build.
Opponents: "Yeah, in theory nuclear is better, but it's just too expensive and would take too long to scale up compared to the timetable of global warming, so it's not a viable option."
Also opponents: "Shut down existing plants, where that money/time cost has already been paid."
All valid points, and I'm less anti-nuclear now more than I am anti-20th Century Nuclear these days. Still, I too see the net benefit for renewables to increase it's ~33% Market share over the years in CA. It's incredibly foolish how little CA has spent in water reclamation and aggressively expanding renewable energy given it's ROI to the entire grid.
> That being said, decommissioning existing nuclear plants instead of doing whatever investment needed to keep them running is astonishing.
I's not astonishing, and you should really understand the nature of how corrupt, incompetent, and myopic the NRC are. Look no further than Mitsubishi's and SoCal Edison's handling of San Onofre Nuclear Power plant.
I lived through it and that along with how TEPCO/Nuclear Village/Edo Government poorly handled Fuksuhima in 2011 it became clear that this technology, while holding a great deal of promise is simply not regulated or managed properly and that in it's current state could not continue to be allowed to operate without posing an immense risk given it's location along the San Andrea's fault line. You know, that active seismic area that every Californian has been told will eventually create the next 'big one' that will make Northridge look like a Sunday picnic?
While I do not like the idea of activating more fossil fuel based plants, it's with the understanding that we will never be 100% on renewable as the challenges of storage and 24H capacity will always require to have a source for base load energy during inclement and unfavorable weather.
The goal is to keep the fossil fuel based plant active while renewable continue to grow.