Nuclear, though not widely known, is heavily underwritten by taxpayers. In the event of a catastrophic meltdown nuke companies are also only exposed to $10 billion in liability. The rest is on the taxpayers. That the nuke industry is subsidized by taxpayers abroad only makes “sense.”
And what’s funny is the nuclear industry wants to use the Export-Import Bank to underwrite the building of new nuclear plants in CHINA.
Yet another reason to make sure the Export-Import Bank dies.
(From The Christian Science Monitor)
With scant demand for new nuclear power at home, the US industry has looked overseas to countries like China; in short, to countries looking to expand their atomic footprint just as nuclear largely retrenches in the US.
Worldwide, there are 66 new nuclear power plants under construction, with another 165 in the late planning stages, according to the Nuclear Energy Institute, an industry group. The US Department of Commerce pegs the value of that market at as much as $740 billion over the next ten years – and US nuclear companies want a piece of that $740 billion.
“The market for new nuclear generation is going to be international for about the next five to ten years,” says James C. Stouch, vice president of business development of Precision Custom Components (PCC), a York, Penn.-based company that makes parts for nuclear power plants and often ships them abroad. “That’s where the action is.”…
…“The sky will not fall. The seas will not rise. In fact, in my view, and in the view of many economists, quite the opposite will happen,” Rep. Jim Jordan (R) of Ohio said in a statement last month. “The expiration of the Bank’s charter will mean that companies doing business overseas will reorient themselves away from Washington and towards market signals. The Bank’s absence will make our economy stronger.”