Fueling the money pit: new nuclear reactors for New Brunswick

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Why are both the PCs and Liberals promoting nuclear power – the most expensive power! – during the election? The cost of nuclear energy is going up while renewable solar and wind energy costs are going down.

NB Power is more than $1 billion in debt for its massive cost over-runs on the refurbishment of its Point Lepreau Nuclear Generating Station and the expensive ongoing repairs to the nuclear plant since then.

Around the world, nuclear power has a long history of massive expenses and repairs coming in millions over-budget. And governments – we, the taxpayers – always end up with the bill.

The Lepreau debt is driving up electricity costs in New Brunswick. Now both the PC party and the Liberal party are promoting MORE nuclear power for New Brunswick!

The government and NB Power have already given $10 million to two start-up companies from the UK and the US to develop plans for new reactors at Lepreau.

Building the two proposed new nuclear reactors in New Brunswick will cost more than $1 billion each. Billions more will be required from future taxpayers in New Brunswick to clean up and store the radioactive concrete, steel, and other materials left when the  new reactors are decommissioned.

Why should we leave a financial mess along with the dangerous radioactive materials risking the health of our children and grandchildren and many, many more generations of New Brunswickers in future?

Good question, so why are both the PCs and the Liberals promising to give New Brunswick more nuclear energy?

The nuclear industry is desperate to survive and lobbying hard for public handouts. Because the new reactors have no customers, there is no business case so the banks will not finance the development unless the government guarantees the loans.

Better still for the nuclear industry, the plan seems to just hand over billions in public cash, in non-repayable grants!

The nuclear industry lobby group  representative in New Brunswick has another job: he is the Vice-President Nuclear of NB Power and the highest-paid public servant in the province. A circular, bottomless money pit!

Author: CRED-NB

Coalition for Responsible Energy Development in New Brunswick