Taxpayers may pay for another bailout of the nuclear power industry
Proponents of nuclear power are calling for as many as 300 new plants by 2050 as a way to reduce global warming pollution. But history shows this could be a financially risky path:
- The industry has an extremely poor record of predicting construction costs, which has led to massive overruns and the abandonment of more than 100 reactors since the 1970s. As a result, ratepayers and taxpayers have paid almost $300 billion in today's dollars for the industry's past failures.
- The Department of Energy has already allocated $18.5 billion in loan guarantees for new nuclear plants, but the industry is asking Congress for much more.
- The average risk of default on nuclear loan guarantees is about 50 percent. At this rate, taxpayers could lose between $360 billion (for 100 new plants) and $1.6 trillion (for 300 new plants).
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