Antinuclear

Nuclear power rebirth in USA? Not likely

Obama’s Nuclear Option – Amy Goodman Truthdig 16 Feb 2010
“……….Obama’s publicly financed resuscitation of the nuclear power industry in the U.S. is bound to fail, another taxpayer bailout waiting to happen.Opponents of the plan, which includes a tripling of existing nuclear plant construction-loan guarantees to $54.5 billion, span the ideological spectrum.

On its most basic level, the economics of nuclear power generation simply doesn’t make sense. The cost to construct these behemoths is so huge, and the risks are so great, that no sensible investor, no banks, no hedge funds will invest in their construction.No one will loan a power company the money to build a power plant, and the power companies refuse to spend their own money. Obama himself professes a passion for the free market, telling Bloomberg BusinessWeek, “We are fierce advocates for a thriving, dynamic free market.” Well, the free market long ago abandoned nuclear power. The right-wing think tank Heritage Foundation remarked, “Expansive loan guarantee programs … are wrought with problems. At a minimum, they create taxpayer liabilities, give recipients preferential treatment, and distort capital markets.”………….

Both Lovins and the Union of Concerned Scientists debunk the myth that nuclear energy is essential to combat global warming. Lovins writes, “Every dollar invested in nuclear expansion will worsen climate change by buying less solution per dollar.” Obama said that this first tranche of public funding, which will benefit the energy giant Southern Co., “will create thousands of construction jobs in the next few years, and some 800 permanent jobs.” Yet investment in solar, wind and cogeneration technologies could do the same thing, quickly creating industries here in the U.S. that are thriving in Europe. What’s more, the risks of failure of a windmill or a solar panel are minute when compared with nuclear power plant disasters like Three Mile Island and Chernobyl.

From economics, to the environment, to the prevention of nuclear threats, Obama’s nuclear loan guarantees fail on all counts.

Amy Goodman: Obama’s Nuclear Option – Truthdig

February 19, 2010 - Posted by Christina Macpherson | 1 | antinuclear, nuclear costs, nuclear weapons