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Breaking News from America's Progressive Community... Latest
Releases
The press releases posted here have been provided to NewsCenter by the one of the many progressive organizations we have selected to participate. If you would like more information about this press release, you should contact the organization directly. |
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| JANUARY
26, 1999 11:30 AM FOR IMMEDIATE RELEASE CONTACT: Critical Mass Energy Project |
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| Study Shows Electricity Deregulation Could Cause Unfunded Nuclear Waste Liabilities That May Exceed $50 Billion | ||||
| WASHINGTON
- January 26 - A new study released today, Stranded Nuclear Waste, documents alarming
funding shortfalls for decommissioning and nuclear waste storage. Authored by
Synapse Energy Economics, the study indicates that electric utility deregulation will
force early closure of many nuclear plants, facing policy-makers with difficult
and controversial choices regarding future funding of nuclear plant
decommissioning and waste storage costs totaling as much as $54 billion
nationally. Of the 103 nuclear plants, as many as 90 could be forced to close
before their scheduled retirement dates as a result of the competitive pressures
expected from deregulation.
"It has been evident for decades that nuclear power is expensive and dangerous," said Wenonah Hauter, director of Public Citizen’s Critical Mass Energy Project. "As the nuclear era dies out, the costs of nuclear power continually rise, and as a result ratepayers are forced to pay for the bailout of nuclear utilities." Because funding under current law assumes plants will run until their licenses expire, these economically driven plant closures would create an unfunded liability for nuclear plant decommissioning, potentially rising to $15.3 billion. "Since nuclear utilities are being unjustly enriched with a nuclear bailout, they should pay for the decommissioning of reactors," said Jim Riccio, a staff attorney with Public Citizen’s Critical Mass Energy Project. Early plant retirements will also create an unfunded liability for long-term storage of high level nuclear waste. This could total as much as $46.5 billion if economics force early closure of these plants, and a recent independent estimate of the total cost of the planned Yucca Mountain waste storage facility proves accurate. To make matters worse, H.R. 45, the Nuclear Waste Policy Act of 1999, exacerbates the problem by reducing the fees paid by the industry for nuclear waste storage. "It is outrageous that the nuclear industry is not paying the full costs of nuclear waste storage, but for Members of Congress to support a reduction of the fees is unthinkable," said Auke Piersma, a energy policy analyst with Public Citizen’s Critical Mass Energy Project. "Public Citizen will oppose any attempts to burden ratepayers or taxpayers with additional decommissioning or nuclear waste storage costs," Hauter said. "The utilities’ past mistakes and bad management require that utility profits be used to balance the books." ### |
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