Skip to main content

Fortune on the Nuclear Revival

Editor-at-Large David Whitford tours the U.S. to get a closer look at the industry:
Probably the earliest a new reactor could come online in the U.S. is 2015, and even that seems optimistic. There is plenty of opposition, despite what Earley says. And anything could happen over the next decade or so to knock the train off its track. A terrorist attack on a nuclear facility anywhere in the world would halt all progress overnight. So would another Chernobyl. But right now the momentum is swinging nuclear's way. Among the many green-light factors: rising natural-gas prices; soaring electricity demand; the looming prospect of a carbon tax; a new, streamlined regulatory process; and growing acceptance by environmentalists that nuclear energy, which emits no greenhouse gases, could have a vital role in saving the planet.

This developing story has continental sweep, a huge cast of characters, multiple moving parts. So much of what we think we know we haven't reexamined in years. If we're going to try to reconcile nuclear power's cloudy past with the industry's bright vision of the future, we need to see for ourselves. Road trip, anyone?
Whitford starts at Seabrook Nuclear Power Plant, and eventually makes his way to the Idaho National Lab. Be sure to go along for the ride.

Comments

Anonymous said…
The best line in the article is

The most important lesson I will learn: Things are not always as we remember them.
Matthew66 said…
Of Three Mile Island he says: "Unit 2 is a sarcophagus, still highly radioactive, sealed tight until somebody figures out what to do about the remnants of hot fuel scattered around the basement of the containment building."

It's a pity he didn't read the NRC's fact sheet on TMI-2, which clearly states that:

"Today, the TMI-2 reactor is permanently shut down and defueled, with the reactor coolant system drained, the radioactive water decontaminated and evaporated, radioactive waste shipped off-site to an appropropriate disposal site, reactor fuel and core debris shipped off-site to a Department of Energy facility, and the remainder of the site being monitored. The owner says it will keep the facility in long-term, monitored storage until the operating license for the TMI-1 plant expires at which time both plants will be decommissioned. Below is a chronology of highlights of the TMI-2 cleanup from 1980 through 1993."

I really expect better research from a Fortune "Editor-at-large", whatever that might be.
Anonymous said…
I was also curious about the assertion in the article that had the reactor head at Davis-Besse had been breached, that a core meltdown would have resulted, but that unlike TMI, there would be "no containment." Does this statement have any basis in fact? I attempted to find documents directly addressing this question on the NRC website, but I was unable to. I was under the impression that a reactor head breach would not necessarily result in the failure of emergency cooling, and that a meltdown would not necessarily escape containment. Indeed, the experience of TMI suggests that even very extensive core damage would not cause containment to fail. Does anyone know where I can find a thorough analysis of this?

Popular posts from this blog

Wednesday Update

From NEI’s Japan micro-site: NRC, Industry Concur on Many Post-Fukushima Actions Industry/Regulatory/Political Issues • There is a “great deal of alignment” between the U.S. Nuclear Regulatory Commission and the industry on initial steps to take at America’s nuclear energy facilities in response to the nuclear accident in Japan, Charles Pardee, the chief operating officer of Exelon Generation Co., said at an agency briefing today. The briefing gave stakeholders an opportunity to discuss staff recommendations for near-term actions the agency may take at U.S. facilities. PowerPoint slides from the meeting are on the NRC website. • The International Atomic Energy Agency board has approved a plan that calls for inspectors to evaluate reactor safety at nuclear energy facilities every three years. Governments may opt out of having their country’s facilities inspected. Also approved were plans to maintain a rapid response team of experts ready to assist facility operators recoverin...

Activists' Claims Distort Facts about Advanced Reactor Design

Below is from our rapid response team . Yesterday, regional anti-nuclear organizations asked federal nuclear energy regulators to launch an investigation into what it claims are “newly identified flaws” in Westinghouse’s advanced reactor design, the AP1000. During a teleconference releasing a report on the subject, participants urged the Nuclear Regulatory Commission to suspend license reviews of proposed AP1000 reactors. In its news release, even the groups making these allegations provide conflicting information on its findings. In one instance, the groups cite “dozens of corrosion holes” at reactor vessels and in another says that eight holes have been documented. In all cases, there is another containment mechanism that would provide a barrier to radiation release. Below, we examine why these claims are unwarranted and why the AP1000 design certification process should continue as designated by the NRC. Myth: In the AP1000 reactor design, the gap between the shield bu...

Nuclear Utility Moves Up in Credit Ratings, Bank is "Comfortable with Nuclear Strategy"

Some positive signs that nuclear utilities can continue to receive positive ratings even while they finance new nuclear plants for the first time in decades: Wells Fargo upgrades SCANA to Outperform from Market Perform Wells analyst says, "YTD, SCG shares have underperformed the Regulated Electrics (total return +2% vs. +9%). Shares trade at 11.3X our 10E EPS, a modest discount to the peer group median of 11.8X. We view the valuation as attractive given a comparatively constructive regulatory environment and potential for above-average long-term EPS growth prospects ... Comfortable with Nuclear Strategy. SCG plans to participate in the development of two regulated nuclear units at a cost of $6.3B, raising legitimate concerns regarding financing and construction. We have carefully considered the risks and are comfortable with SCG’s strategy based on a highly constructive political & regulatory environment, manageable financing needs stretched out over 10 years, strong partners...