Monday, August 01, 2005

Nuclear hopes rise with fossil fuel prices

Proponents of building more nuclear facilities are salivating at $60+ oil prices:

Nestled in the energy bill that Congress approved last week is perhaps the most tangible evidence yet that nuclear power, long shunned by many as a dangerous energy source, is on the verge of a comeback.

The broad energy plan includes billions of federal dollars to jump-start production of nuclear reactors. The incentives, from tax breaks to loan guarantees, come at a time when soaring oil prices and increasing public concern about global warming have forced even some leading environmentalists to rethink their opposition to nuclear power as a cleaner, cheaper alternative to traditional fossil fuels.

"Nuclear (power), in combination with renewables, is the only source of electrical energy that can replace coal and gas to a significant degree," said Greenpeace co-founder Patrick Moore, now chairman of Greenspirit Strategies of Canada, which helps companies develop environmentally friendly policies.