Nuclear power has rarely been a popular subject in the 40 years or so I’ve analyzed, advised on and invested in electric utilities.
That’s understandable. The plants built in the 1970s and 80s wound up costing several times their initial budgets. State regulators forced utilities to eat billions of cost overruns. And what rate increases did get through triggered the large customer revolt that spurred deregulation in 15 states, along with the District of Columbia.
Starting with the Three Mile Island accident in 1978, operating nuclear power plants faced smothering safety regulations. Then the Chernobyl meltdown in 1986 convinced many Americans that even that wasn’t enough to ensure safety. And that launched the movement to shut down operating reactors, including the Shoreham facility in New York just as it received federal clearance to operate.
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