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Long-term employment is hard to find these days, but one career that can be guaranteed to last a lifetime is dealing with nuclear waste.
The problem and how to solve it is becoming critical. Dozens of nuclear power stations in the U.S., Russia, Japan and across Europe and Central Asia are nearing the end of their lives.
And when these stations close, the spent fuel has to be taken out, safely stored or disposed of, and then the pressure vessels and the mountains of concrete that make up the reactors have to be dismantled. This can take between 30 and 100 years, depending on the policies adopted.
In the rush to build stations in the last century, little thought was given to how to take them apart 40 years later. It was an age of optimism that science would always find a solution when one was needed, but the reality is that little effort was put into dealing with the waste problem. It is now coming back to haunt the industry.
Not that everyone sees it as a problem. A lot of companies view nuclear waste as a welcome and highly profitable business opportunity.
Either way, because of the dangers of radioactivity, it is not a problem that can be ignored. The sums of money that governments will have to find to deal with keeping the old stations safe are eye-wateringly large. They will run into many billions of dollars—an assured income for companies in the nuclear waste business, stretching to the end of this century and beyond.
The U.S. is a prime example of a country where the nuclear waste issue is becoming rapidly more urgent.
The problem has been brought to the fore in the U.S. because five stations have closed in the last two years. The Crystal River plant in Florida and San Onofre 1 and 2 in California have closed down because they were judged too costly to bring up to modern standards. Two more—Kewaunee in Wisconsin and the Vermont Yankee plant—could no longer compete on cost with the current price of natural gas and increased subsidies for renewables.
Nuclear Energy Insider, which keeps a forensic watch on the industry, predicts that several other nuclear power stations in the U.S. will also succumb to premature closure because they can no longer compete.
The dilemma for the industry is that the U.S. government has not solved the problem of what to do with the spent fuel and the highly radioactive nuclear waste that these stations have generated over the last 40 years. They have collected a levy—kept in a separate fund that now amounts to $31 billion—to pay for solving the problem, but still have not come up with a plan.
Since it costs an estimated $10 million dollars a year to keep spent fuel safe at closed stations, electricity utilities saddled with these losses, and without any form of income, are taking legal action against the government.
The U.S. government has voted another $205 million to continue exploring the idea of sending the waste to the remote Yucca Mountain in Nevada—an idea fought over since 1987 and still no nearer solution. Even if this plan went through, the facility would not be built and accepting waste until 2048.
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