WASHINGTON, Oct. 8 (UPI) -- The U.S. nuclear power industry is attempting a comeback against natural gas prices' volatility and climate concerns, the nation's nuclear watchdog says.
The Nuclear Regulatory Commission says it expects applications to build as many as 32 new nuclear reactors during the next two years as utilities and independent power companies plan for the next wave of U.S. nuclear plants. the Washington Post reported Monday.
But nuclear plants are expensive to build, have long lead times and historically have cost overruns, the newspaper reported. Also, the price of uranium has risen in recent years, as have the costs of construction materials and skilled labor.
To ease financial concerns, the nuclear power industry sought help from Congress, which included tax breaks, loan guarantees and other subsidies in the Energy Policy Act of 2005.
For nuclear plants seeking federal approval before the end of next year, the act will provide tax credits of up to $125 million for eight years, loan guarantees for up to 80 percent of a plant's cost, shared application costs and insurance that covers costs of regulatory delay.
