CLEVELAND, March 30 (IEEFA) – The Institute for Energy Economics and Financial Analysis today published a report questioning the economic viability of a plan by India to build 12 new nuclear-powered plants using untested technology.
Publication of the report, “Bad Choice: The Risks, Costs and Viability of Proposed U.S. Nuclear Reactors in India coincides with the international Nuclear Security Summit in Washington on March 31-April 1.
Summit participants are scheduled to include Indian Prime Minister Narendra Modi.
The report, by David Schlissel, IEEFA’s director of resource planning analysis, concludes that the proposed nuclear plants, which are “first-of-kind” designs by Toshiba-Westinghouse and General Electric-Hitachi planned for the Mithi Virdi and Kovvada complexes, are neither economically nor financially viable.
“They would take much longer than expected to build, they would result in higher bills for ratepayers, and, if they are built, they might not work as advertised,” Schlissel said.
The report describes how India would do well to put money instead into its abundant solar energy, which would be less expensive and less risky. “Investing in new solar photovoltaic (PV) capacity would be a much lower-cost, significantly less environmentally harmful and far more sustainable alternative to the Mithi Virdi and Kovvada projects,” Schlissel said.
Among the report’s findings:
“All of these can be expected to lead to substantial, and perhaps indefinite, delays and significant increases in capital costs, possibly even far beyond those we have assumed in our analyses,” Schlissel said.
Media contact: Karl Cates, [email protected], 917.439.8225
The Institute for Energy Economics and Financial Analysis (IEEFA) conducts research and analyses on financial and economic issues related to energy and the environment. The Institute’s mission is to accelerate the transition to a diverse, sustainable and profitable energy economy and to reduce.