Another Chink In The Nuclear Renaissance Dream

nuclear french power plant

Finland’s construction of a new wave nuclear power plant is proving to be a disaster, the New York Times reports, which is bad news for anyone hoping for a nuclear renaissance to take off in the near future.

The Finnish project has been victimized by poor planning and massive cost overruns. French nuclear giant Areva began building the new power plant in 2004, at an estimated price of $4 billion. Today, the total cost of the project is estimated to come in at $8 billion, and there is no word on when it will be completed.

The failures of Finland’s nuclear plan will provide fresh ammunition for anti-nuclear power advocates at a time when new nuclear power plants are under discussion. Senator Lamar Alexander just called for $700 billion in spending on 100 new nuclear power plants in the next 20 years.

He’s in the fringe with his request, but the U.S. will invest nuclear power on some level. Duke Energy CEO, Jim Rogers says he’s betting on nuclear power. With CO2 emissions about to become costly, nuclear is the only option to provide 24/7 baseload power.

Finland’s failures are only going to make an already wary public even more sceptical.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.