Oyster Creek likely first casualty in mounting post-Fukushima capital costs

 

Old nukes are an increasingly risky business venture. The Fukushima nuclear disaster in Japan is having economic fallout here in the United States. Take Oyster Creek in Toms River, New Jersey for example.

Bloomberg Business Week is reporting that Chicago-based nuclear giant Exelon Corporation is considering permanently closing its Oyster Creek nuclear power station before the current 2019 decommissioning date as agreed with the State of New Jersey. Oyster Creek is the first GE Mark I Boiling Water Reactor, identical to the destroyed units at  Fukushima Dai-Ichi, to operate in the world. It went critical in October 1969 and started commercial operation in December 1969.

The mounting capital cost for reactor safety system modifications arising from the Fukushima disaster coupled with degraded reactor conditions is pushing the nation's oldest nuclear power station closer to closure.  The financial community is sending warnings to nuclear corporations that operating  a decrepit reactor is increasing risky venture and will damage credit ratings.

Exelon's announcement that Oyster Creek is teetering on closure sounds like the company's business sense has finally kicked in.

Oyster Creek recently reported that is has discovered degraded conditions found in reactor core internals with cracking in vital reactor safety equipment, the control rod drive mechanisms. 

 

Given its vulnerable Fukushima design, degraded plant conditions and the havoc that Hurricane Sandy  has wrought in the emergency planning zone, Oyster Creek should not be allowed to restart, period.