Interest rates have an outsized impact on nuclear power costs compared to those for other methods of power generation. (Source: World Nuclear Association)
In an essay titled “How the Fed will Strangle New Nukes,” published this week by American Thinker, nuclear engineer and writer Joseph Somsel warns that despite current expectations of a nuclear construction boom, “As in the late 1970s, rising interest rates will put the kibosh on new nukes.” Somsel therefore urges the financing and building of new nuclear facilities right now, before ongoing inflation and increasingly high interest rates “kill a lot of the plans” for new nuclear power plants.
Ontario clean energy leaders. From left: John Gorman, president and chief executive officer of the Canadian Nuclear Association; Ken Hartwick, president and CEO of Ontario Power Generation; Todd Smith, Ontario’s minister of energy; and Mike Rencheck, Bruce Power president and CEO. (Photo: Bruce Power)
Bruce Power and Ontario Power Generation (OPG) have announced an agreement to work together to support new nuclear technologies in Ontario. Bruce Power operates the Bruce nuclear plant and OPG operates the Darlington and Pickering facilities.