In the last few years, the U.S. has proposed building new nuclear power plants and construction has started on one in South Carolina. Discuss the economic reality of nuclear power plants compared to other options.
What will be an ideal response?
According to the World Bank, nuclear power plants cannot compete in the current energy market without huge government subsidies, tax breaks, and guaranteed loans. Given the huge cost of these centralized energy plants and their low net energy, they do not compete well with coal and renewable energy sources. They will not be insured by private companies so the taxpayer foots the bill for that as well. Nuclear plants produce high level nuclear waste that must be protected and isolated from the public for 10,000 years. The costs for dealing with the waste are not included in the construction or operating costs. Nuclear plants have a finite life and the considerable decommissioning costs will have to be borne by the taxpayer as well.
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