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Nuclear Costs

Estimates for new reactor construction costs continue to sky-rocket. Conservative estimates range between $6 and $12 billion per reactor but Standard & Poor's predicts a continued rise. The nuclear power industry is lobbying for heavy federal subsidization including unlimited loan guarantees but the Congressional Budget Office predicts the risk of default will be well over 50 percent, leaving taxpayers to foot the bill. Beyond Nuclear opposes taxpayer and ratepayer subsidies for the nuclear energy industry.

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Thursday
Aug312017

Plant Vogtle builders to regulators: Keep going

As reported by the Atlanta Journal-Constitution.

The article reports:

Critics of the Vogtle project condemned Georgia Power’s recommendation.

“It is not a good deal for Georgia ratepayers,” said Liz Coyle, executive director of Georgia Watch, a consumer advocacy group. “I believe it is clearly uneconomic, and it is the (state utility regulator’s) responsibility to require the least-cost option,” said Coyle.

Critics have said the plant isn’t needed, and that Georgia Power and state regulators should also have looked at bigger investments in solar power and energy conservation instead.

Thursday
Aug032017

EXPERTS: V.C. SUMMER FAILURE SHOULD PUT AN END TO STATE AND FEDERAL BAILOUTS FOR NUCLEAR INDUSTRY

Vogtle Reactor Project Collapse Seen in Wake of VC Summer Project Abandonment; 2016 State Bailout Push for Nuclear Had Already Faltered in 2017, Budget-Busting Bill for U.S. Taxpayers If Foolhardy National Bailout Proceeds.

WASHINGTON, D.C.///August 3, 2017///The abandonment this week of the V.C. Summer nuclear project in South Carolina heralds the likely demise of “new” nuclear in the United States (including the Vogtle project in Georgia and North Anna 3 in Virginia) and also should put an end to state or federal bailouts for the failing nuclear industry, according to four experts who held a media briefing today.

Nuclear economist Dr. Mark Cooper, senior fellow for economic analysis, Institute for Energy and the Environment at Vermont Law School, said the V.C. Summer shutdown should lead to a similar step at the Vogtle project in Georgia and to a renewed focus on renewable energy...

Read the full 08.03.17 news release.
Listen to the 08.03.17 news briefing.

MEDIA CONTACT:  Max Karlin (703) 276-3255 or mkarlin@hastingsgroup.com.

Wednesday
Aug022017

Southern Co.: Vogtle nuclear project tab rises to $25B

As reported by Seeking Alpha:

SO discloses it will cost at least $25.2B to complete the Vogtle nuclear power plant in Georgia, raising new questions about whether the sole remaining nuclear facility under construction in the U.S. will get built.

The report of the escalating expenses, which have nearly doubled over the past nine years, comes two days after SCANA Corp. abandoned a similar project in South Carolina that also followed years of delays and rising costs.

This story has also been reported on by Dow Jones Newswires.

Given that both two-unit new build projects, in both GA and SC, now admit price tags of $25 billion+ each, this means that each reactor unit would cost more than $12.5 billion to built. This is around double the initial estimated price tag.

Tuesday
Aug012017

SCE&G and VC Summer, by the numbers

Published by The State in South Carolina, summarizing the massive cost overruns (in the many billions of dollars), at ratepayer expense, that led to Westinghouse Nuclear's bankruptcy, and the cancellation of the Summer Units 2 & 3 proposed new reactor construction projects.

Tuesday
Jul182017

Dr. Mark Cooper: The Failure of the Nuclear Gamble in South Carolina

Regulators can save consumers billions by pulling the plug on Summer 2 & 3, already years behind schedule and billions over budget; things are likely to get much worse if the project continues.

So warns Dr. Mark Cooper, in a new report. Cooper is Senior Fellow for Economic Analysis at the Institute for Energy and the Environment at Vermont Law School.

Cooper prepared this report on behalf of Friends of the Earth and Sierra Club, in support of their complaint before the South Carolina Public Service Commission.

Friends of the Earth issued a press release. It contains links to Dr. Cooper's report; a Summary of Key Findings; and the Complaint filed on June 22, 2017 by Friends of the Earth and the Sierra Club with South Carolina Public Service Commission, linked under “matters” in Docket 2017-207-E (Dr. Cooper serves as the two groups' expert witness on this Complaint).