Double Your Trouble With Nuclear Power » Counterpunch: Tells the Facts, Names the Names

Bad for Health, Bad for Business

by JOSEPH MANGANO and Dr. JANETTE SHERMAN, MD

Industry leaders will have no problem closing nuclear reactors that don’t generate expected profits. Exelon, the Chicago-based company that owns 17 of the 104 U.S. reactors, recently saw its stock price drop below $30 a share, the same level as mid-2003, and a whopping 70% below its peak of over $92 a share in mid-2008.

The standard explanation for this reversal is cost. In particular, electricity from growing natural gas and wind sources costs less to produce than that from nuclear reactors. The famous 1954 promise by Atomic Energy Commission head Lewis Strauss that the atom would create energy “too cheap to meter” has failed miserably. But while cost is the reason why utilities will be closing reactors, most reports fail to look beneath the surface and understand WHY nukes are so expensive.

The answer is that nuclear power poses great danger to safety and health. This danger means that reactors must comply with numerous safety regulations; must be built with many safety features; and must be manned by a large and highly trained work force – each a high-ticket item. In addition, the fleet of 104 U.S. reactors in operation is aging – most over 30 years old – requiring that corroding parts be replaced, pushing costs even higher.