Nuclear Plans Go To The Market

The Wall Street Journal reports that a municipal bond issue in Georgia will finance the construction of the first nuclear reactor since the disaster on 3 Mile Island over 30 years ago. Although nuclear power is obviously a highly debated subject, its benefits may in fact be the only feasible “clean energy” solution. Apparently the public has a short memory of the risks involved with nuclear power plant construction, which have consistently shown cost overruns in excess of twice the original projection. The classic scenario unfolded right here in Washington State with the WPPSS (whoops) undertaking that left 4 out of 5 sites incomplete and still holds the record for being the largest default in US history. Where this project will end up is to be determined except that at-cost energy prices have provided no incentive for private investment in many parts of the country.