Feds extend nuclear power subsidy
The appropriations bill passed by Congress and signed by President Biden extends the Price-Anderson Act through 2065
On March 23rd, President Biden signed an appropriations bill that also included a 40-year extension of a key subsidy to the nuclear industry, the Price-Anderson Act.
Thanks to this policy, should a catastrophic accident happen at one of the 54 nuclear plants operating in the United States, the nuclear industry would be liable for the first $16.1 billion in damages and taxpayers would be on the hook to cover the remainder. The Fukushima nuclear disaster has already been reported to exceed $90 billion. The full value of the Price-Anderson nuclear subsidy is difficult to estimate, but if nuclear operators had to carry the full cost of insurance against a nuclear accident, the plants would most likely become uneconomic to build.
Per dollar of investment, clean energy solutions – such as energy efficiency and renewable resources – deliver far more energy than nuclear power. As of January 2024, the United States has more utility-scale solar capacity than nuclear.
“Despite recent growth, we’re just scratching the surface of America’s renewable energy potential,” said Johanna Neumann, senior director of Environment America’s Campaign for 100% Renewable Energy. “Instead of propping up nuclear power generation through liability limits, Congress should double-down on efforts to drive energy efficiency, solar, wind and geothermal.”
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