Source: The Heritage Foundation | VIEW ORIGINAL POST ==>
America is waking up to nuclear energy’s potential to meet soaring future electricity needs and clean environmental goals.
But the current nuclear landscape is burdened by onerous regulations and filled with market-distorting government subsidies, hindering nuclear energy from reaching its full potential, writes Jack Spencer in his insightful and timely new book, “Nuclear Revolution: Powering the Next Generation” (Optimum Publishing International, 2024).
Mr. Spencer, a senior fellow at The Heritage Foundation in Washington, argues that tax dollars will not be enough to revitalize a nuclear industry that has been saddled by outdated regulation and bad policy for decades. The 2005 Energy Policy Act contained provisions to encourage nuclear power, but while two state-of-the-art reactors were built, there was no new nuclear renaissance.
Ultimately, Mr. Spencer argues, the time for a renaissance has passed. What America needs is a revolution in the production of nuclear energy. Washington policymakers and the incoming administration must acknowledge the failure of past efforts and seize the opportunity to enact real change.
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Regulatory burdens on the nuclear industry have grown significantly over the past half-century, driven by unfounded fears pushed by opponents of nuclear power rather than by scientific or technical evidence. This needs to change.
Despite the industry’s exceptional safety record, America’s nuclear regulators continue to treat the industry as if it has a new and scary technology. With France generating 70% of its electricity from nuclear power without accidents, the technology is neither new nor scary. The U.S. approach to regulation should reflect reality.
The book documents that each page of nuclear regulation provides an opportunity for antinuclear interests to throw a wrench into the system by alleging noncompliance and then suing. These lawsuits have led to delays and higher costs. Though the federal government is primarily responsible for regulating commercial nuclear power plants, state and local governments have also added to this problem.
Such regulatory burdens not only inflate the costs of nuclear projects but also create almost incalculable political risk. Rather than solve underlying problems, which Mr. Spencer acknowledges will be challenging, Washington too often papers over them with subsidies.
But subsidies simply calcify the status quo. If America wants a different outcome when it comes to nuclear energy, regulations need to change.
Though nuclear regulatory reforms will be challenging, Mr. Spencer believes the payoff will be worth it. Nuclear power’s costs have been rising, and a new plant today costs over four times as much as in the late 1960s. Regulatory reform would lower these costs.
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What now takes over 10 years to build used to take around five years. Some naysayers might argue that such long construction times are just a product of the modern world and that nothing can be done. Yet South Korea built 19 reactors while reducing costs by 13% between 1989 and 2008.
So there is hope for the nuclear industry, but not under current conditions, Mr. Spencer argues. “Nuclear Revolution” proposes alternative frameworks that could redefine how nuclear power is treated in the U.S., not as something to fear, but as what it truly is—a safe, environmentally friendly energy source.
A new approach would eliminate all energy subsidies to allow all energy sources to compete on a level playing field. Mr. Spencer recommends a regulatory approach that is backed by actual risks and the latest scientific and technical knowledge and that respects the decades of safe commercial nuclear operations. It would expand the regulatory authority of the states, allowing the federal agency to focus on its core expertise and operate more efficiently.
At a time when data centers and artificial intelligence are increasing energy demand, and the world is seeking dense, emissions-free energy, “Nuclear Revolution” provides new solutions. This is a must-read for those who care about America’s energy future.
