Electric Prices in Europe come DOWN thanks to burgeoning Wind Power supply

Management Information Services, Inc. (MISI), conducting a study of the cumulative effects of energy subsidies, found that by 1997 Federal subsidies for energy had amounted to $564 billion (1997 dollars) over the last five decades, roughly half of which went to the oil industry in the form of tax expenditures. (84) MISI considered eight categories of Federal activity (85) and quantified subsidies in six. In contrast to other findings, MISI found that subsidies to renewable sources ($90 billion) outpaced those to natural gas ($73 billion), coal ($68 billion), or nuclear energy ($61 billion)

Over the next 50 years, unless patterns change dramatically, energy production and use will contribute to global warming through large-scale greenhouse gas emissions — hundreds of billions of tonnes of carbon in the form of carbon dioxide. Nuclear power could be one option for reducing carbon emissions. At present, however, this is unlikely: nuclear power faces stagnation and decline.

This study analyzes what would be required to retain nuclear power as a significant option for reducing greenhouse gas emissions and meeting growing needs for electricity supply. Our analysis is guided by a global growth scenario that would expand current worldwide nuclear generating capacity almost threefold, to 1000 billion watts,by the year 2050.Such a deployment would avoid 1.8 billion tonnes of carbon emissions annually from coal plants, about 25% of the increment in carbon emissions otherwise expected in a business-as-usual scenario. This study also recommends changes in government policy and industrial practice needed in the relatively near term to retain an option for such an outcome. (Want to guess what these are? - K)

We did not analyze other options for reducing carbon emissions — renewable energy sources, carbon sequestration,and increased energy efficiency — and therefore reach no conclusions about priorities among these efforts and nuclear power. In our judgment, it would be a mistake to exclude any of these four options at this time.

STUDY FINDINGS
For a large expansion of nuclear power to succeed,four critical problems must be overcome:

Cost. In deregulated markets, nuclear power is not now cost competitive with coal and natural gas.However,plausible reductions by industry in capital cost,operation and maintenance costs, and construction time could reduce the gap. Carbon emission credits, if enacted by government, can give nuclear power a cost advantage.

Safety.
Modern reactor designs can achieve a very low risk of serious accidents, but “best practices”in construction and operation are essential.We know little about the safety of the overall fuel cycle,beyond reactor operation.

Waste.
Geological disposal is technically feasible but execution is yet to be demonstrated or certain. A convincing case has not been made that the long-term waste management benefits of advanced, closed fuel cycles involving reprocessing of spent fuel are outweighed by the short-term risks and costs. Improvement in the open,once through fuel cycle may offer waste management benefits as large as those claimed for the more expensive closed fuel cycles.

Proliferation.
The current international safeguards regime is inadequate to meet the security challenges of the expanded nuclear deployment contemplated in the global growth scenario. The reprocessing system now used in Europe, Japan, and Russia that involves separation and recycling of plutonium presents unwarranted proliferation risks.