 We’ve been down this road before … and it is truly the road to financial ruin. Ratepayers were saddled with an estimated $200 to $300 billion in cost overruns from completed nuclear plants from the 1960s through the 1980s; nearly $50 billion for abandoned plants. Due to industry whining during the deregulation craze in the 1990s, claiming that nuclear power couldn’t compete in deregulated markets because of the high cost of nuclear power, ratepayers once again bailed out the nuclear industry. So, how does nuclear power essentially defy the financial law of gravity and continue to be touted by indefatigable boosters? According to the Institute for Southern Studies, the industry has spent an estimated $640 million on lobbying. The goal has been and continues to be not to reduce financial risk but to shift it to taxpayers and ratepayers. What have we learned after 60 years with nuclear power? It comes down to this: Nuclear power is an extraordinarily expensive and dangerous way to boil water. Don’t take our word for it, just ask the people in Fukushima. Pam Solo is the president and founder of the nonprofit and nonpartisan Civil Society Institute (www.CivilSocietyInstitute.org) and facilitator of the Citizens Lead for Energy Action Now (www.TheCLEAN.org). Grant Smith is a senior energy policy analyst to the Civil Society Institute and former executive director of the Citizens Action Coalition of Indiana, where he worked for 29 years. © American Forum See also
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