A scientific group has determined that it would have been cheaper for the federal government to give away nuclear power rather than to subsidize it.
The Union of Concerned Scientists has tracked the last 50 years of all taxes spent on the nuclear power industry, from uranium mining to long-term waste storage, and found that subsidies often exceeded average market price of the power that was produced.
Another way to look at this, the government could have bought the power on the open market and given it away, and it still would have cost taxpayers less than the handouts given for construction and operation of nuclear power plants.
As the group noted, the president’s proposed budget would give the industry another $36 billion in federal loan guarantees, nearly tripling the amount already available to the industry.
UCS will release its full report on Wednesday.
(To learn more about the Union of Concerned Scientists, a nonprofit that was founded in 1969, click on Rock The Capital.)
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