Nukewatch Quarterly Winter 2015-2016
Columnist Emily Schwartz Greco, the Managing Editor of OtherWords, a non-profit national editorial service run by the Institute for Policy Studies, has penned a scathing critique of nuclear power and its future prospects, particularly in view of the plumetting costs of solar and wind power. Titled, “A Big Fat Radioactive Lie: Billionaires are Hyping Nuclear Power as a Magic Cure for Climate Change,” Greco notes some encouraging news.
Lazard, a giant investment banking firm with offices in 43 cities in 27 countries—and $180 billion under management—says in a lengthy new report about today’s principle energy options: Utility-scale “wind and solar are much cheaper than gas and coal, and less than half the cost of nuclear.”
Source: OtherWords, Institute for Policy Studies, Dec. 2, 2015
While France has aspired to fuel the nuclear renaissance, economic woes have plagued the industry. The large French nuclear power company Areva recently entered bankruptcy after a loss of $7.37 billion over four years and had to be taken over by the government-run EDF. Yet EDF is having financial troubles of its own, with a $38 billion debt and a negative cash flow. Amidst a throng of reactor construction contracts going over budget and running years behind schedule, along with the discovery of a major design flaw, the company had to abandon several projects. Since our last Quarterly, Areva’s reactor licenses for Calvert Cliffs 3 in Maryland and Callaway 2 in Missouri have been officially canceled. The French government needed a new plan to prevent an economic disaster for the country.