• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 2 hours Iran downs US drone. No military response . . Just Completely Destroy their Economy. Can Senator Kerry be tried for aiding enemy ?
  • 8 mins California and Oil
  • 3 hours The Inconvenient Truth Of Electric Cars
  • 7 hours The Plastics Problem
  • 2 hours Win Against Tyranny: Turkey's Opposition Strikes Blow To Erdogan With Istanbul Mayoral Win
  • 3 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 12 hours Solar Panels at 26 cents per watt
  • 8 hours Hydrogen FTW... Some Day
  • 2 hours Green vs. Coal: Bavaria Seeks Fast-Track German Coal Exit in Snub to Merkel Plan
  • 17 hours NATO Article 5: Attack on one member is attack on all. Members all must come to defense . . . NOT facilitate financial transactions to circumvent and foil US Sanctions. Somebody please tell Angela.
  • 17 hours Summit in Pyongyang: China's Xi Says World Hopes North Korea-U.S. Talks Can Succeed
  • 14 hours What's more Important Iran Nuke Deal or Strong China Trade Deal. Hypothetically, If China offered Trump North Korean and Iran deals in exchange for concessions on trade deal should he take it ?
  • 3 hours Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 18 hours Huge UK Gas Discovery

Breaking News:

Oil Pipelines Sabotaged In Syria

Alt Text

U.S. Nuclear Has A Tough Road Ahead

High-profile disasters and a booming…

Alt Text

Nuclear Is Not A Catch-All Solution To Climate Change

Though many pundits and analysts…

Alt Text

Why Is China Losing Interest In Nuclear Power?

China once had tremendous nuclear…

Haley Zaremba

Haley Zaremba

Haley Zaremba is a writer and journalist based in Mexico City. She has extensive experience writing and editing environmental features, travel pieces, local news in the…

More Info

Trending Discussions

U.S. Nuclear Is Struggling, And These Companies Are Profiting From It

The nuclear industry in the United States is on the decline. Although nuclear has garnered a hefty number of headlines and support from pundits on both sides of the political spectrum in the past months, nuclear still is not favored or even trusted by most constituents in the United States, and nuclear power was very tellingly left out of the clean energy strategy laid out by the Democratic Party’s Green New Deal fact sheet.

While nuclear does hold a lot of promise as part of a solution to combating climate change and decreasing the United States’ carbon emissions, it also has a fair amount of drawbacks. Constructing new nuclear power plants is extremely cost prohibitive, especially when forced to compete with the incredibly cheap and abundant natural gas currently flooding U.S. markets, as well as wind and solar power, which become cheaper and more efficient with each passing year.

In addition to hefty construction costs, nuclear accidents, while extremely rare, are also massively expensive and challenging to clean up and remediate--on top of their other obvious catastrophic consequences. Also working against nuclear energy in the U.S. is widespread public mistrust of nuclear energy, thanks in large part to accidents like Dauphin County, Pennsylvania’s 1979 Three Mile Island accident. And then there is a fair amount of political adversity, not to mention the mega-powerful lobbies behind more traditional forms of energy in the United States.

In fact, nuclear energy in the United States has gone from being touted as “too cheap to meter” to requiring massive and repeated handouts from state governments just to keep going. “One such state is Connecticut, where local news source the Connecticut Mirror just published a direct-to-the-point op-ed aptly titled ‘Nuclear plants will require ever-increasing subsidies’. The author Joel Gordes, a Connecticut-based energy and environmental strategist, argues that since the very beginning of nuclear energy in their country, when the argument for the resource was that nuclear energy was dirt cheap, nuclear has been deceptively pricey and getting pricier all the time.” Related: The World’s Last Coal Plant Will Be Constructed Soon

Now Bloomberg reports that the fastest growing sector of the nuclear industry in the United States has nothing to do with its resurgence, but with its demise. “The fastest growing part of the nuclear industry in the U.S. involves a small but expanding group of companies that specialize in tearing reactors down faster and cheaper than ever before,” begins the article succinctly titled “Fastest-Growing Nuclear Business Is Tearing Down U.S. Plants“.

One of the companies at the forefront of this trend is Northstar Group Services Inc. the New York City-based company recently acquired a Vermont nuclear plant from New Orleans, Louisiana’s Entergy Corp. The plant, while shuttered since 2014, was not due to be demolished until 2068 “using a $510 million decommissioning trust fund that would appreciate over time to cover $1.2 billion in anticipated costs” according to Bloomberg’s reporting. Enter Northstar, and along with it the future of (the end of) the nuclear industry. Northstar will dismantle the Vermont plant over 40 years sooner by 2026 and at a much lower cost to boot.

“The trick: Northstar would avoid up to $8 million a year in fuel-storage costs, and use the trust fund to get paid for the work” says Bloomberg. “And once the job’s done, they get 45% of whatever’s left in the fund. With nine other plants expected to shut by 2025, others are moving to replicate the strategy.”

While this new quick-demolition sector of the nuclear industry is still quite nascent in the United States, it’s on track to keep growing and become an even more significant part of the nuclear energy landscape. While companies like Northstar are bullish about the decommissioning’s money-making potential, there are also some significant criticisms about this new development in the industry. Quicker cleanup is not always better, the argument goes. With lots of money to be made over expedited nuclear plant dismantling, there is cause for concern about whether safety will be the priority it should be. When it comes to nuclear power, the last thing we want is for cleanup companies to be cutting corners.

By Haley Zaremba for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News