phl@druxy.UUCP (05/02/84)
The question was put as to why we didn't accept nuclear power because it was so "cheap and safe". Before you consider how cheap it is, consider the fol- lowing partial list of power companys currently embroiled in the nuclear power disaster: ARIZONA PUBLIC SERVICE CINCINNATI GAS AND ELECTRIC CLEVELAND ELECTRIC COMMONWEALTH EDISON CONNECTICUT POWER DAYTON POWER AND LIGHT DETROIT EDISON DUQUENSE LIGHT ILLINOIS POWER JERSEY CENTRAL POWER AND LIGHT KANSAS CITY POWER AND LIGHT KANSAS GAS AND ELECTRIC LOUISIANA POWER AND LIGHT LONG ISLAND ELECTRIC METROPOLITAN EDISON NEVADA POWER NEW ENGLAND ELECTRIC NEW ENGLAND POWER NY STATE ELECTRIC AND GAS OHIO EDISON PENNSYLVANIA POWER AND LIGHT PHILADELPHIA ELECTRIC PORTLAND ELECTRIC PUBLIC SERVICE OF INDIANA PUBLIC SERVICE OF NEW HAMPSHIRE PUBLIC SERVICE OF NEW MEXICO TOLEDO EDISON UTAH POWER AND LIGHT MAINE PUBLIC SERVICE PACIFIC GAS AND ELECTRIC These are a few, but not all, of the power companys whose stock and bond holders have learned the insanity of investing their savings in nuclear power projects. The stock of these companys hit new lows the week ending April 27. WPPSS bonds are currently selling as low as sixteen cents on the dollar. (BARRON'S 4/30/84) The power companys now have $80 billion in nuclear plants under construction and need another $50 billion to complete them. Their regulators, because of consumer pressure, will no longer support increased rates to finish the projects and no knowledgeable investor will risk a dime on any power company moving into the nuclear age until competent management, contractors and NRC regulators can over- come the reputation of the nuclear industry. Without investor support the col- lapse of these companys suggests the worst financial crisis this country has ever faced including the great depression of 1929. No one argues against well designed, properly constructed, carefully managed and professionally regulated nuclear power. After all, in the long run coal fired power plants release more radiation than their atomic counterparts. It is the nuclear industry, not the demonsrators (bless 'em) who has destroyed the future of nuclear power in this country. The country is only now becomming aware of the fact that the real danger is financial, not technical. It will now probably be well into the next century before the public trusts this industry to safely and economicaly generate nuclear power and dispose of the radioactive wastes. Isn't it funny that no one includes the cost of waste dis- posal when they quote the price of nuclear power? The sorry fact is that this planet has been in the nuclear age for a hundred years and still has not found a safe way to dispose of the FIRST OUNCE of nuclear waste.