Wednesday, August 01, 2007

Nuke Plants Unable to Compete in the Free Market

Unable to gain financing on their own, power companies pushing nuclear power plants want the government (AKA you and me, unwitting taxpayers) to provide full loan guarantees, as discussed in this N.Y. Times article.

Power companies have tentative plans to put the 28 new reactors at 19 sites around the country. Industry executives insist that banks and Wall Street will not provide the money needed to build new reactors unless the loans are guaranteed in their entirety by the federal government.

Grossly overexpensive, short-lived, unreliable nuclear power plants have no place in the mix of energy options we need to combat global warming. And the safety issue is pretty well summed up by insurance companies, world's greatest assessors of risk, that refuse to insure plants beyond a limited liability cap--the rest of the tab, as might be expected, is dropped in the lap of none other than John Q. Public, thanks to the Price-Anderson Act.