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Reply #51: Not even close. Repeal P-A by itself and absolutely nothing changes.
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Statistical
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Thu Apr-08-10 11:05 AM
Response to Reply #50 |
51. Not even close. Repeal P-A by itself and absolutely nothing changes. |
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Edited on Thu Apr-08-10 11:16 AM by Statistical
Utilities are currently insured ($10.4 billion in private insurance). $400 million in private insurance per reactor (costs about $1 mill per year per reactor). Then they have a combined catastrophic pool of $10 billion.
Repeal P-A and the cost to utilities doesn't change a single penny.
(I assume you mean the govt back stop of claims beyond $10.4 billion because a complete repeal would be stupid it would allow nuclear plants to operate with NO INSURANCE).
The only way costs rise for utilities is if you repeal P-A AND require them to carry more insurance. If you do that then it will kill nuclear power but it would also kill ANY industry.
However I would expect a legal challenge so it is more like:
If you: a) Repeal P-A AND b) Increase insurance requires by statute to artificially high level ($100 billion, $1000 billion, etc). AND c) Govt lose all legal challenges
then yes that would kill nuclear power.
This isn't nuclear specific. 9/11 result in a $2 trillion economic loss. If you required airlines to carry $2 trillion in insurance coverage they would go bankrupt too. Personal drivers can do millions of dollars in damages yet are only required to carry $50K in insurance. If you required drivers to have $10 million in liability insurance (likely $1000 a month) you would bankrupt the car industry too.
No industry (not one on the planet) is required to insure against all eventualities no matter how remote.
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