Money to shut nuclear plants falls short

Companies are failing to set aside enough money to dismantle reactors

VERNON, Vt. – The companies that own almost half the nation’s nuclear reactors are not setting aside enough money to dismantle them, and many may sit idle for decades and pose safety and security risks as a result, an Associated Press investigation has found.

The shortfalls are caused not by fluctuating appetites for nuclear power but by the stock market and other investments, which have suffered huge losses over the past year and devastated the plants’ savings, and by the soaring costs of decommissioning.

At 19 nuclear plants, owners have won approval to idle reactors for as long as 60 years, presumably enough time to allow investments to recover and eventually pay for dismantling the plants and removing radioactive material.

But mothballing nuclear reactors or shutting them down inadequately presents the most severe of risks. Radioactive waste could leak from abandoned plants into ground water or released into the air, and spent nuclear fuel rods could be stolen by terrorists.

During the past two years, estimates of dismantling costs have soared by more than $4.6 billion because rising energy and labor costs, while the investment funds that are supposed to pay for shutting plants down have lost $4.4 billion in the battered stock market.

MSNBC