Energy Sources
Nuclear
Note: This information was produced prior to the tragedy in Japan that affected its nuclear facilities.
Facts
Today manufacturers say it takes about five years to build a nuclear reactor, at a cost of around $4-5 billion, although both time and cost estimates can vary widely depending on location and technology used. In practice, construction has often been plagued by both time and cost over-runs. At the same time public approval, adequate infrastructure and planning are required to manage a plant’s security needs and its resulting nuclear waste.
Source: “Energy Bill Aids Expansion of Nuclear Power,” New York Times, July 31, 2007;
"Atomic Balm," New York Times Magazine, July 16, 2006
Standardizing nuclear plant designs and streamlining licensing procedures could significantly reduce the final cost of nuclear power plants.
Source: ” Update of the MIT 2003 Future of Nuclear Power Study”, Massachusetts Institute of Technology; available: web.mit.edu/nuclearpower/pdf/nuclearpower-update2009.pdf
Overview
There are 441 commercial reactors operating in 29 countries that currently provide 14% of the planet's electricity. There are also currently 65 nuclear power plants under construction in 15 countries, mostly in Asia.
Source: Nuclear Energy Institute
A future tax or cap on carbon emissions in the U.S. would make the price of nuclear power more competitive relative to electricity generated from coal or natural gas.
Source: "The Nuclear Option," New York Times Magazine, July 16, 2006
Newer plant designs including “pebble bed” technology are said to be 10 to 100 times safer than existing plants, but this will remain largely hypothetical until such plants are built and new safety features tested. Current “pebble bed” designs have met with technical difficulties. Indeed, plans to construct a pebble bed reactor in South Africa were scrapped in 2010. Nevertheless, China continues to develop its pebble bed reactor program and reportedly has plans to construct up to 30 such plants in the next ten years.
Source: “Pebble bed nuclear reactor gets pulled.” Nature. (http://www.nature.com/news/2010/100223/full/4631008b.html)
Many countries using nuclear power have limited its growth, which means that they must now hurry to build new plants designed to meet future energy demands and face the challenge of delivering cheap, clean power. In some countries, this increase in demand is also driving the cost of building facilities higher. As a result, in 2010 Germany, Sweden and the UK all called for currently operating domestic nuclear plants to remain operational beyond the dates that they were due to be shut down.
Source: “German nuclear-power plant extension debate going strong.” New Europe, Sept. 2010. http://www.neurope.eu/articles/102424.php
Source: ”Update of the MIT 2003 Future of Nuclear Power Study”, Massachusetts Institute of Technology; available: web.mit.edu/nuclearpower/pdf/nuclearpower-update2009.pdf
The price of the uranium ore has little effect on the final cost of electricity and, depending on the price of uranium, supplies are virtually unlimited.
Source: American Energy Independence.com; available: http://www.americanenergyindependence.com/uranium.aspx
The future price of uranium, the principal nuclear fuel, is unpredictable, although this is not terribly important since the price of the uranium ore has little effect on the final cost of electricity. However, current economically recoverable reserves are sufficient to fuel 1,000 new reactors over the next half century.
Source: Update of the MIT 2003 Future of Nuclear Power Study”, Massachusetts Institute of Technology; available: web.mit.edu/nuclearpower/pdf/nuclearpower-update2009.pdf
By 2030, it is projected that the initial capital costs of nuclear energy will be closer to those of to leading coal technologies, especially with a carbon tax or carbon caps. However, these benefits could be offset by higher operating and maintenance costs.
Source: ”Update of the MIT 2003 Future of Nuclear Power Study”, Massachusetts Institute of Technology; available: web.mit.edu/nuclearpower/pdf/nuclearpower-update2009.pdf
Because all new nuclear power plant designs involve innovative technology, estimates about the cost of new facilities are uncertain and therefore pose unclear financial risks. Standardizing plant designs and streamlining licensing procedures could mitigate some of the risk involved in investing in nuclear power plants. Meanwhile, the Obama administration has agreed to guarantee loans for nuclear construction to limit financial risk.
Source: Moody’s Investor Services
Source: “Obama unveils loan guarantee for first U.S. nuclear plant in 30 years.” The Financial Express, Feb. 2010, http://www.thefinancialexpress-bd.com/more.php?news_id=92786&date=2010-02-18
Source: ”Update of the MIT 2003 Future of Nuclear Power Study”, Massachusetts Institute of Technology; available: web.mit.edu/nuclearpower/pdf/nuclearpower-update2009.pdf
Nuclear: Opportunity
High fossil fuel prices spur interest in nuclear power.
The prospects for nuclear energy are improving because of concerns about carbon emissions and worries about diversity of energy sources and security of energy supplies.
Total world consumption of electricity generated from nuclear power worldwide is forecast by some to increase by more than 62% by 2030. Nuclear power is reliable and produces limited emissions.
Source: "International Energy Outlook 2010," Energy Information Administration
Source: "International Energy Outlook 2009," Energy Information Administration
Nuclear: Challenges
Nuclear power is viewed as risky.
Although major accidents are rare at nuclear power plants, when they do occur they can have serious, adverse effects on the health and safety of communities.
Threats surround increased reliance on nuclear power.
Although nuclear plants have limited greenhouse gas emissions, they do create dangerous radioactive waste and are potential terrorist targets.
Source: US Department of Energy