The true costs of nuclear power are another subject carefully fudged and obscured by nuclear power advocates. From its inception in federally funded labs, nuclear power has been highly subsidized. A recent report by the Union of Concerned Scientists found that “more than 30 subsidies have supported every stage of the nuclear fuel cycle from uranium mining to long-term waste storage. Added together, these subsidies have often exceeded the average market price for the power produced.” When it comes to producing electricity, these subsidies are so extensive, the report concludes, that “in some cases it would have cost taxpayers less to simply buy the kilowatts on the open market and give them away.”
If the nuclear club in Congress, led by Senate Republican leader Mitch McConnell, gets its way, billions more in subsidies will be forthcoming, including massive federal loan guarantees to build the next generation of nuclear plants. These are particularly important to the industry, since bankers won’t otherwise touch projects that are notorious for mammoth cost overruns, lengthy delays, and abrupt cancellations.
The Obama administration has already proposed an additional $36 billion in such guarantees to underwrite new plant construction. That includes $4 billion for the construction of two new nuclear reactors on the Gulf Coast that are to be operated in partnership with Tokyo Electric Power Company — that’s right, the very outfit that runs the Fukushima complex. Yet when I debate nuclear advocates, they always claim that, in cost terms, nuclear power outcompetes alternative sources of energy like wind and solar.
That government gravy train doesn’t just stop at new power plants either. The feds have long assumed the epic costs of waste management and storage. If another multi-billion dollar project like the now-abandoned Yucca Mountain repository in Nevada is built, it will be with dollars from taxpayers and captive ratepayers (the free market be damned). Industry spokesmen insist that subsidizing such projects will be well worth it, since they will create thousands of new jobs.
(Read more from tomdispatch.com)