The United States is on course to all but exit the commercial nuclear power industry even if the country awakens to the dangers of climate change and adopts measures to favor low-carbon energy sources. Nuclear power had been in economic decline for more than three decades when the Bush administration launched a program that aimed to spark a nuclear power renaissance through subsidies and a reformed reactor licensing process. But Wall Street was already leery of the historically high costs of nuclear power. An abundance of natural gas, lower energy demand induced by the 2008 recession, increased energy-efficiency measures, nuclear’s rising cost estimates, and the accident at the Fukushima Daiichi Nuclear Power Station further diminished prospects for private investment in new US nuclear plants. Without additional and significant governmental preferences for new nuclear construction, market forces will all but phase out the US nuclear fleet by midcentury.
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