All eyes have been on Ukraine and its awe-inspiring example of strength against Russia’s heinous aggression this year. The conflict has evolved into a moment of reckoning for the United States and its global partners on a number of fronts: humanitarian aid, military support, the NATO alliance, and even the future of democracy itself.
Another front has been on the minds of both economists and national security experts: our energy security. Russia’s invasion and its impact on global oil and gas supplies have made it clear that if we are not strategically proactive in our policy choices, we will continue to live at the whim of despots and the conflicts they drive.
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Energy prices continue to reach all-time highs, with the highest recorded average for regular gas in California peaking at $6.44 per gallon this past June, with a recent high of $5.94 per gallon. This market volatility is entirely avoidable, if only policymakers would rally behind an approach that reaches our climate goals, creates well-paying jobs, and protects our domestic energy supply from international conflicts.
Luckily for them, such an approach is staring them right in the face. Nuclear energy, a source that has been a clean, safe, reliable, and affordable option for decades, and now provides 20% of America’s energy production, is among the most essential sources in our energy portfolio. It is the largest source of clean power, with zero carbon emissions and minimal waste.
It is also the most reliable source of energy. Nuclear power runs day and night with efficiency rates consistently over 93%.
The workforce behind nuclear energy also provides nearly half a million jobs in the U.S. and contributes billions of dollars annually to local economies around the country through federal and state tax revenues. Strong nuclear production can support American energy security against turmoil abroad, ensuring our communities have reliable energy to power their homes and businesses, no matter the circumstances.
Despite its many advantages, nuclear naysayers are pushing to close nuclear power plants permanently. Yet the safety risks of modern nuclear energy generation are lower than coal, oil, and gas, thanks to continuous cost improvements and innovation.
Although nuclear power plants are expensive to build, they are relatively cheap to run. At a 3% discount rate, nuclear power is substantially cheaper than the energy alternatives in all countries. Without nuclear in our energy mix, our nation would suffer the consequences of unreliable, expensive, high-carbon energy.
Yet our current nuclear capacity is insufficient. There are only 56 nuclear power plants operating in the U.S., with enough energy to power 73 million homes. That leaves nearly 50 million more households without access to clean energy. It is imperative we do more to make nuclear a larger part of our energy portfolio.
The U.S. government must work in tandem with energy providers to do more for the expansion of nuclear power production. Plant Vogtle 3 and 4, located in Waynesboro, Georgia, will be the first new nuclear units in the U.S. in the last three decades upon their completion and are the result of extensive public-private partnerships. Southern Company, the large-cap utility company building these plants, received loan guarantees from the Department of Energy to aid in the financing of the plants. And upon completion of Units 3 and 4, Plant Vogtle will be eligible for new federal nuclear production tax credits, further enabling it to generate enough energy to power 1 million homes and businesses in Georgia.
On Aug. 3, 2022, the Nuclear Regulatory Commission announced its authorization of Southern Nuclear Vogtle Unit 3, which is less than a year away from completion, to load fuel and begin operation. Unit 3 is projected to be in service in early 2023, with Unit 4 close behind at the end of 2023 — a milestone marker for the future of energy. Southern Company’s collaboration with public and private partners to create a brighter energy future sets an example of the innovation and commitment to clean energy we need from our utility companies around the country.
While investment in new nuclear plants is essential, we must find ways to prevent the closure of existing facilities as well. In August of this year, the California legislature, spurred on by Gov. Gavin Newsom and Sen. Dianne Feinstein (D-CA), voted to extend the life of Diablo Canyon, which provided 9% of California’s total electricity and 15% of its carbon-free energy in 2021. Other states with aging nuclear plants must follow suit.
Our nation has set prudent goals toward a safe and reliable net-zero future. To meet these goals, we must include nuclear energy in the mix. This is the only way to avoid the volatility of energy markets reliant on unstable regimes.
The invasion of Ukraine has shown just how vulnerable we are. But it doesn’t have to be this way. We can strengthen our nation’s energy sector against the whims of dictators and reach our climate goals at the same time. The answer, as it always has been, is a well-balanced energy portfolio supported by nuclear energy.
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Theodore “Ted” J. Garrish recently served as an assistant secretary for the Office of International Affairs at the Energy Department and, while there, was vice chair of the International Energy Agency in Paris. He has spent over three decades on energy issues, including his tenure as general counsel and later as assistant secretary for nuclear energy.
