Paper
Making the nuclear renaissance a reality
Published 2008 · George V. Voinovich
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Abstract
I N S E P T E M B E R , F O R the first time in over 30 years, a license application to build a new nuclear power plant was filed with the Nuclear Regulatory Commission. Three more applications soon followed. The NRC expects to receive 18 more applications within the next two years for a total of more than 30 new reactors. Although no applicant has yet made a firm commitment to build, a number of them have made significant investments, such as ordering longlead construction items. Internationally, the resurgence seems to be moving at a faster pace. According to the International Atomic Energy Agency, there are 34 reactors in various stages of construction in 14 countries. The underlying political climate for nuclear power has changed over the past several years, influenced by a confluence of factors: the growing demand for electricity, sharp increases in the prices of natural gas and oil, and the increased emphasis on clean energy. Recent government policies, such as the Energy Policy Act of 2005, have certainly helped in stimulating private sector investment for new nuclear as part of a portfolio of “environmentally clean” energy projects. At the state level, legislation has passed or is being considered in Georgia, Iowa, Wisconsin, Florida, Virginia, Kansas, South Carolina, and Texas recognizing the value of a diverse energy portfolio that includes new nuclear plants. These factors have created an environment in which nuclear has once again emerged as a viable (perhaps one of only a few) energy source for baseload generating capacity. Currently, 50 percent of our electricity comes from coal, 19 percent from nuclear, 19 percent from natural gas, 9 percent from renewable sources such as hydro, solar, and wind, and 3 percent from oil. Of these, coal and nuclear (with average capacity factor of about 90 percent) have been the backbone of baseload generating capacity, since they are capable of providing a steady flow of power to the grid at low cost and high efficiency. Solar and wind power plants produce electricity only when conditions are right; when the sun sets or the wind calms, their output drops, regardless of the demand for electricity. Natural gas power plants are too expensive to run as baseload plants due to volatility in natural gas prices. According to the Energy Information Agency, U.S. electricity consumption is projected to grow from 3821 billion kilowatt-hours in 2005 to 5478 billion kilowatt-hours by 2030, an increase of more than 43 percent. To be sure, we must have greater efficiency, more demand-side management, and more renewable energy, but we must also have clean coal and nuclear generating capacity to sustain our $11-trillion-a-year economy. With increasing environmental constraints, particularly the desire for caps on carbon emissions, expanding nuclear’s share of baseload seems logical. The 104 nuclear power plants operating today represent over 70 percent of the nation’s emission-free generation portfolio, avoiding 681 million metric tons of CO2, compared with 13.1 million tons for wind and 0.5 million tons for solar. So it is no accident that there is a growing realization among environmentalists, scientists, the media, think tanks, and policymakers that nuclear power must play an important role in harmonizing the country’s need for energy independence, economic competitiveness, and a healthy environment. Sen. Barbara Boxer (D., Calif.), chairwoman of the Environment and Public Works Committee, recently stated: “I am a pragmatist. The vast majority of the members on my committee support nuclear power, and so do the majority in the Senate. . . . I don’t think there is any question that we are going to be seeing new plants.” Patrick Moore, one of the founders of Greenpeace, also caused a stir last year when he declared that “nuclear energy is the only large-scale, cost-effective energy source that can reduce emissions while continuing to satisfy a growing demand for power . . . and these days it can do so safely.” They have come to a similar conclusion: If we are to meet the growing electricity needs in this country and also address global climate change, nuclear power has a crucial role to play. Despite these positive developments, a number of formidable challenges to realizing a nuclear renaissance remain, particularly in the areas of regulatory uncertainty, financing, availability of human capital, expansion of the domestic supply chain infrastructure, and nuclear waste management. I intend to take steps, together with other stakeholders, to turn these challenges into opportunities. My hope is that these steps will serve as a road map to making the nuclear renaissance a reality.
The nuclear renaissance is gaining momentum due to growing electricity demand, increased natural gas and oil prices, and increased emphasis on clean energy, making it a viable and environmentally friendly energy source for baseload generating capacity.
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