The Revival of Nuclear Power

Over the last several years, as energy prices have been skyrocketing, many of the different talking heads have been calling for added investment in nuclear power. At the time, they often cited the stigma associated with the Three Mile Island and Chernobyl accidents; as the main reason why no new power plants have been built since the 1970's. However, as energy prices ran to their all time highs in 2008, the stark reality that the U.S. is to dependent on fossil fuels became an issue of growing concern. Especially when you consider the fact that other countries such as: Japan, China and France; have invested heavily in nuclear power to reduce their overall energy dependence.   Combine this with the fact, that nuclear power is cheaper to produce and does not emit greenhouse gases; only increased calls for heavy investment in various nuclear projects.

As a result, the Obama administration announced $8.3 billion in loan guarantees to help build new nuclear facilities. Two of the most obvious projects are: the two nuclear plants that are currently under construction in Eastern Georgia, with the anticipated completion in 2016 and 2017. This is just first round of increased investment that will be occurring in the industry; as the White House has slated for the overall funding of nuclear project to increase to $54 billion next year. This will allow for 10 new projects to begin during that time.

What this shows; is that the administration is trying to reduce the overall dependence on fossil fuels as much as possible. However, the construction of nuclear plants will help to ensure that the U.S. is reducing the overall greenhouse gases as well. These two factors are pushing the government to make substantial investments in these areas.