Vast uninsurable cost of nuclear energy – 8.71 Euros per kWh

Hello David and All,

I had a quick look at David’s ‘100% Renewable’ site.

The politicians are being badly briefed, so are lying.

They are omitting the two infinite subsidies provided only to nuclear power.

The first is that npps worldwide are indemnified by states because the
insurance industry won’t.
See: 2012-04-11 The Real Lessons of Fukushima
http://cms.energypolicy.co.uk/nuclear/244
Page 58 includes:
‘10.1 INSURANCE, SUBSIDIES AND ETHICS
Swiss Re wrote:
‘The anticipated extent of loss from a nuclear accident was generally
believed to justify a special
liability regime. Such a regime would both ensure proper compensation
for the public and foster
the development of the nuclear power industry, which would otherwise be
faced with an
overwhelming burden. Accordingly, the operators’ interests were secured
by limiting their liability
in time and amount, and the liability regime was introduced in the Paris
Convention on Third Party
Liability in the Field of Nuclear Energy [of 1960] and in the Vienna
Convention on Liability for
Nuclear Damage [of 1963].’ 191

The Paris and Vienna Conventions were prompted by the Price-Anderson Act
of 1957 in the USA and
followed by the Nuclear Installations Act of 1965 (plus later
amendments) in the UK, saying that the risk
would be carried by the State. Such ‘Statutory Indemnities’ are
described by the UK Government as
‘unquantifiable’. This means ‘unlimited’, so must be taken as
‘infinite’. 192

The German Renewable Energy Association published on 2011-05-11 a study
commissioned from
‘Versicherungsforen Leipzig GmbH’ on the calculation of an adequate
insurance premium for the operators
of nuclear power plants. 193 This found that the mean insured sum
payable for a nuclear disaster could be
6090 billion euros.
spread over ten years, 67.3 or 3.96. (At 1 euro = £ 0.88, these are 766,
45, 5922 and 348 p/kWh). The
study concluded that ‘in practical terms, nuclear disasters are not
insurable’. It has been reported briefly
in English. 194′.

Reference 192 is now:
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/31923/10-p102-bis-resource-accounts-2009-10.pdf
Page 171.

Another perspective on ‘the mean insured sum payable for a nuclear
disaster could be 6090 billion euros’
is that it was then about four times the annual GDP of the UK, so would
cause economic collapse.
It is therefore a complete fiction, but still an infinite subsidy.
However, the consequences of a UK nuclear disaster like Chernobyl and
Fukushima are very real, and would also cause economic collapse.
See: 2012-04-11 The Real Lessons of Fukushima
http://cms.energypolicy.co.uk/nuclear/244

2) The second infinite subsidy is the cost of nuclear decommissioning
and waste storage, essentially for ever in human terms. This I put as
also ‘unquantifiable’ or infinite, as the UK has yet to start building a
geologic waste repository, preferring to kick the (nuclear fuel) cans
down the road indefinitely. However, climate change will force the
decommissioning of all the nuclear power sites. They are all coastal,
because being thermally inefficient and without fluegas discharges, they
need huge amounts of cooling water. With the peculiar genius of the
ignorant, the first two new npps (HPC and SZC) are located on convergent
channels – the Bristol Channel and the North Sea. This magnifies the
worst case for sea level rise and storm surge, and could flood the sites
by 2100, which would pollute the oceans with radioactivity far more than
hitherto. So allowing only 50 years to decommission all eight coastal
sites means shutting them all down by 2050. However, decommissioning
time could be gained by stopping the build of HPC, and cancelling SZC,
and spending the money, time, energy, GHG and talent on energy
efficiency and renewables, including storage, which are sustainable,
profitable for the public sector and fundable by the private sector, and
cannot kill us.

Cheers,

Gordon

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