Last week's activity in Congress to adopt spending packages for the remainder of 2024 included the extension of the Price-Anderson Act to Dec. 31 2061. The Act has been extended several times since its adoption in 1957 and was set to expire end of next year. The Act added Section 170 of the Atomic Energy Act of 1954 (42 U.S.C. 2210) which, among other things, established accident liability limits for the nuclear industry and damage compensation in the event of an incident. Nuclear industry proponents indicate that the measure is critical to allow it to secure adequate insurance from such markets. The nuclear industry has been on the wane, with only three new reactors having come on line or scheduled to come on line in the last 15 years. Yet, global commitments to reinvigorate nuclear come as a call to action for climate. Nuclear is considered clean energy by DOE because it has no CO2 emissions. A nuclear renaissance may be ahead!
"Critics of the Price-Anderson Act contend that its liability limits protect the nuclear power industry from paying the full cost of potential major accidents. Those critics view Price-Anderson as an unjustified subsidy for nuclear power that distorts energy markets. However, supporters of the Price-Anderson system contend that it provides an assured source of damage compensation that might not be available, or be paid as quickly, under the normal tort process."
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