Fukushima further "explodes the myth" of "nuclear renaissance"

Images such as the explosion at Fukushima Daiichi Unit 3 seared into the public mind internationally.In a new report entitled "Nuclear Safety and Nuclear Economics: Historically, Accidents Dim the Prospects for Nuclear Reactor Construction; Fukushima Will Have a Major Impact," Dr. Mark Cooper of the Vermont Law School's Institute for Energy and the Environment compares the cost increases for new reactor construction -- due to increased nuclear safety regulation in the aftermath of the 1979 Three Mile Island meltdown -- to escalating costs that can be expected after the Fukushima nuclear catastrophe. Cooper points out, however, the new reactor construction costs were already skyrocketing before the TMI and Fukushima meltdowns -- but the accidents accelerated the cost increases dramatically.

He concludes: "From a big picture perspective, Fukushima has had and is likely to continue to have an electrifying impact because it combines the most powerful message from TMI on cost escalation with the most powerful message from Chernobyl on the risk of nuclear reactors in a nation where it was not supposed to happen. And, it has taken place in an environment where information and images flow instantaneously around the world, so the public sees the drama and trauma of losing control of a nuclear reaction in real time."

Cooper points out that of the dozens of new reactors proposed in the U.S. over the past decade have largely dwindled to a handful, such as the four reactors targeted at GA and SC, which are subsidized by Construction Work in Progress (CWIP) subsidies in those states.