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Cato Daily Podcast
Some Cold Economics on the Biden Plan to Expand Nuclear Power
Nov 19, 2024
David Kemp, a policy analyst at the Cato Institute, offers sharp insights into the economic realities of nuclear power expansion under Biden. He critiques the ambitious timeline for increasing nuclear capacity, highlighting historical inefficiencies and financial hurdles. Kemp compares U.S. nuclear projects to those in France, discussing challenges that have caused delays and high costs. He also addresses the implications of subsidies and regulatory reforms, pondering their potential impact on taxpayers and the long-term sustainability of the nuclear industry.
10:34
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Quick takeaways
- The high costs and lengthy construction timelines of nuclear power plants significantly hinder the economic feasibility of Biden's nuclear expansion plan.
- Regulatory reforms and innovative reactor designs are essential to address the economic barriers and enhance the potential for nuclear energy growth.
Deep dives
Challenges of Nuclear Power Expansion
The expansion of nuclear power faces significant economic challenges, primarily due to the high costs of building nuclear power plants. Historically, these projects have not only been expensive, costing tens of billions of dollars, but they also suffer from lengthy construction timelines of seven to eleven years or more. This reality has resulted in persistent issues with cost overruns and delays, making it difficult for nuclear power to fulfill its promise as a cost-effective energy source. Even with governmental support and subsidies aimed at reducing expenses, the historical patterns suggest that overcoming these financial barriers remains a daunting task.
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