The Non-Monetized Benefits of Nuclear Power: The Case for Vogtle
(Full op-ed is in The Hill)
The state of Georgia remains in the throes of a debate that will have long-term impacts on the state’s electric power sector, its economy and, very likely, the long-term prospects for nuclear power in America. That debate being whether or not to continue with the construction of Vogtle Units 3 & 4.
Reservations about moving forward with the Vogtle project rest predominantly on financial arguments related to cost overruns. This was conveyed by the Georgia Public Service Commission Public Interest Advocacy Staff (the PSC Staff) in their report recently submitted to the Georgia Public Service Commission (GA PSC). While the financials of Vogtle shouldn’t be lightly regarded, a cost analysis alone fails to convey the full benefits of nuclear power.
There are other benefits…non-monetized benefits such as resource diversity, policy resilience and national security. Benefits that are arguably the most important benefits of nuclear power. And these benefits must be accounted for in the decision on whether or not to go forward with Vogtle. More broadly, they also must be accounted for in our national debate on the future of nuclear power in America.
While financial analyses are certainly necessary, financials alone cannot account for the non-monetized benefits of nuclear power. However, PSC commissioners can. That’s why the Vogtle decision is a policy decision, not just a monetizable market decision. The same holds true for nuclear power in the U.S. We need comprehensive policy that sustains and expands nuclear power in the U.S.
For full op-ed in The Hill, click this link.