Joe Romm writes: Half of existing nuclear power plants are no longer profitable. The New York Times and others have tried to blame renewable energy for this, but the admittedly astounding price drops of renewables aren’t the primary cause of the industry’s woes — cheap fracked gas is.
The point of blaming renewables, which currently receive significant government subsidies, is apparently to argue that existing nukes deserve some sort of additional subsidy to keep running — beyond the staggering $100+ billion in subsidies the nuclear industry has received over the decades. But a major reason solar and wind energy receive federal subsidies — which are being phased out over the next few years — is because they are emerging technologies whose prices are still rapidly coming down the learning curve, whereas nuclear is an incumbent technology with a negative learning curve.
The renewable red herring aside, existing nukes can make a reasonable case for a modest subsidy on the basis of climate change — though only because they are often replaced by carbon-spewing gas plants. That said, the “$7.6 billion bailout” New York state just decided to give its nuclear plants appears to be way too large, as we’ll see. [Continue reading…]