The Price Anderson Act, which protects the nuclear industry against unlimited liability in the event of a nuclear accident, expires in August 2002. Unless it is renewed, say industry executives, it is unlikely any company would build a new plant. He also argues that the pebble-bed design will win public acceptance because it operates at lower temperatures and thus is less susceptible to catastrophic failure if its cooling system is crippled. That would reduce carrying costs that crippled utility balance sheets a generation ago. In addition to precertifying reactor designs, the NRC has limited the amount of public intervention that's possible.
Interminable delays are a thing of the past.
If Exelon goes forward with its South African venture this fall, it would be in a position to submit an application to add a plant at one of its U.S. sites in the second half of 2002 and would hope to have an operating unit by 2006. Since the process has never been used before, both sides are trying to figure out exactly how it will work and how long it will take. Add to that the growth of deregulated wholesale electricity markets in which all producers are paid the cost demanded by the highest-cost generator and the nuclear industry sees an opportunity for bigger profits than ever before.