Support the Wall Street Examiner! Choose your level of support to receive a free proprietary report as my thanks. Click the button below to see your options. Become a Patron!

America’s Nuclear Nightmare

Five days after a massive earthquake and tsunami struck Japan, triggering the worst nuclear disaster since Chernobyl, America’s leading nuclear regulator came before Congress bearing good news: Don’t worry, it can’t happen here. In the aftermath of the Japanese catastrophe, officials in Germany moved swiftly to shut down old plants for inspection, and China put licensing of new plants on hold. But Gregory Jaczko, the chairman of the Nuclear Regulatory Commission, reassured lawmakers that nothing at the Fukushima Daiichi reactors warranted any immediate changes at U.S. nuclear plants. Indeed, 10 days after the earthquake in Japan, the NRC extended the license of the 40-year-old Vermont Yankee nuclear reactor — a virtual twin of Fukushima — for another two decades. The license renewal was granted even though the reactor’s cooling tower had literally fallen down, and the plant had repeatedly leaked radioactive fluid.

Perhaps Jaczko was simply trying to prevent a full-scale panic about the dangers of U.S. nuclear plants. After all, there are now 104 reactors scattered across the country, generating 20 percent of America’s power. All of them were designed in the 1960s and ’70s, and are nearing the end of their planned life expectancy. But there was one problem with Jaczko’s testimony, according to Dave Lochbaum, a senior adviser at the Union of Concerned Scientists: Key elements of what the NRC chief told Congress were “a baldfaced lie.”

Liquidity moves markets!

Follow the money. Find the profits! 

Lochbaum, a nuclear engineer, says that Jaczko knows full well that what the NRC calls “defense in depth” at U.S. reactors has been seriously compromised over the years. In some places, highly radioactive spent fuel is stockpiled in what amounts to swimming pools located beside reactors. In other places, changes in the cooling systems at reactors have made them more vulnerable to a core meltdown if something goes wrong. A few weeks before Fukushima, Lochbaum authored a widely circulated report that underscored the NRC’s haphazard performance, describing 14 serious “near-miss” events at nuclear plants last year alone. At the Indian Point reactor just north of New York City, federal inspectors discovered a water-containment system that had been leaking for 16 years.

As head of the NRC, Jaczko is the top cop on the nuclear beat, the guy charged with keeping the nation’s fleet of aging nukes running safely. A balding, 40-year-old Democrat with big ears and the air of a brilliant high school physics teacher, Jaczko oversees a 4,000-person agency with a budget of $1 billion. But the NRC has long served as little more than a lap dog to the nuclear industry, unwilling to crack down on unsafe reactors. “The agency is a wholly owned subsidiary of the nuclear power industry,” says Victor Gilinsky, who served on the commission during the Three Mile Island meltdown in 1979. Even President Obama denounced the NRC during the 2008 campaign, calling it a “moribund agency that needs to be revamped and has become captive of the industries that it regulates.”

http://www.rollingst…20110427?page=1

Try Lee Adler's Technical Trader risk free for 90 days! Follow the money. Find the profits!

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.