Word: seabrook
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...trials of Seabrook and its backers underscore the fact that nuclear power is on precarious economic footing. The owners of Seabrook have already cancelled the second unit at Seabrook: it is 23 percent complete and apparently would have no chance of ever turning a profit. Long Island Lighting Co. is facing similar nightmares with its Shoreham nuclear plant: Lilco is desperately trying to finish the plant before it runs out of cash entirely. If construction drags on much longer, Lilco may face a situation much like that of Public Service...
Both these nuclear power projects, as well as many others across the country, have been plagued by construction delays, costly design changes, and ballooning costs. The Seabrook plant was supposed to cost $1 billion when it was first proposed in 1972: its estimated total cost rose meteorically to $3.5 billion in 1981. $5.2 billion in 1982, and $9 billion in March...
These costs will clearly be passed on to the utility customers. As revealed six weeks ago, utility rates through much of New England will rise markedly when the Seabrook unit is completed and finally goes on line, possibly sometime in 1987. Even so, the plant may never pay for itself. Paul F. Gray, head of the Massachusetts Department of Utilities, said of Seabrook, "What is being built was going to save enough oil to pay for itself and in time it might. But that may, not occur for seven to 10 years, if ever-so what customers see in their...
...Seabrook and Shoreham are two blaring indications that it may well be time to think twice about the viability of nuclear power plants-as well as of large coal-fired power plants-on economic as well as environmental grounds. In fact, many environmental groups are now adopting just this economic tack. And a growing number of studies have shown that many of the nuclear plants now under construction have little chance of ever paying for themselves...
Unfortunately, however, such realities have been largely lost on utility executives and the nuclear power industry. They are forging ahead on Shoreham and Seabrook and other plants. This despite the expensive lessons of recent years-enormously costly power plant cancellations suffered by several utilities...