Nuclear energy is often touted as a reliable, carbon-free element in our electricity portfolio, but three major challenges must be overcome before it can play a bigger role in our energy mix: cost, reactor safety, and waste disposal. Recent progress on each of these fronts shows that nuclear energy may indeed be a greater component of our clean energy future.
As a zero-carbon energy source that also has the highest capacity factor, new nuclear generation is especially well suited to provide baseload generation, which is an emerging gap in our electricity system. As electricity demand rises, aging coal plants are retired, and we pursue greenhouse gas emission reductions, there is a growing need for new low- and zero-carbon baseload electricity generation. Without technological breakthroughs in electricity storage technology, wind, and solar, energy cannot adequately meet baseload demand due to intermittency. Natural gas is lower emitting than coal, but it still emits greenhouse gases and has historically been vulnerable to price volatility.
At the moment, our attention is riveted by the events unfolding at a nuclear power plant in Japan. Over the past year or so, major accidents have befallen just about all of our major sources of energy: from the Gulf oil spill, to the natural gas explosion in California, to the accidents in coal mines in Chile and West Virginia, and now to the partial meltdown of the Fukushima Dai-ichi nuclear reactor. We have been reminded that harnessing energy to meet human needs is essential, but that it entails risks. The risks of different energy sources differ in size and kind, but none of them are risk-free.
On June 12, 2008, Ohio Governor Ted Strickland signed HB 554, a $1.57 billion economic stimulus package. Included among the appropriations are $84 million over three years devoted to low-carbon energy sources including wind, solar, geothermal, hydro, and solid waste energy sources. It also includes funding for distributed electricity generation, combined-heat-and-power, nuclear power and fuel cells. In addition, the bill appropriates $66 million to research and develop technologies to reduce coal emissions.
Analysis of HB 554