No Value

This is really pissing me off:

In the Krümmel nuclear power plant near Hamburg, located on the bank of the Elbe river, Germany’s nuclear exit is already a reality. The plant hasn’t produced a single kilowatt-hour of electricity for almost two years, after being shut down following various incidents, such as a fire that broke out at the site and a problem with a transformer. Even the owners, E.on and Vattenfall, were doubtful that the plant would ever go back into operation.

But the reactor, which has essentially been shut down, is of considerable value, at least at the moment, and the companies have decided to defend their property

If there is one lesson that you’d think a company like Vattenfall could learn from the fiasco in Fukushima, you’d imagine that it would be that the value of Nuclear reactors is illusory. The reality is that the potential liability far outweighs the potential revenue / profit.

That is, of course, if you are operating in a world where corporations are held responsible for their liabilities. One of the supreme farces of the nuclear industry is that despite all their protestations of safety and reliability, they are completely un-insurable. No insurance company in their right mind would touch them. And, when you look at Tepco (stock price in the gutter, still looking down), it’s not hard to see why.

Without national governments willing to intermediate between the corporations and the people, the courts would periodically take every cent (i can say that now that i’m euro-land) of profit, and redistribute it as compensation.

If the energy companies do sue for damages the governments should hit them up for insurance premiums for all the years they covered (up) for an industry. Needless to say they won’t; the effluent only ever flows down to the people. The commanding heights sure are a great place to be…

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3 thoughts on “No Value

  1. Make them pay for nuclear storage. A small symbolic fee of 1 EUR per kilo per year or so — to be paid in advance. (Does anyone know what the prices for a militarily secured storage facility are on the free market?)

Wise words...

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