Nuclear Energy

Nuclear Energy is currently forcing a major rethink amongst the world governments as the Japanese Nuclear Accident sharply brings into focus the massive radioactive and poisoning risks from accidental damage to a nuclear reactors.Note this is not the first such incident nor is it going to be the last.The advantages of Nuclear Energy is being sharply reexamined by the policymakers vs the huge risks of a nuclear plant meltdown.Most countries have started reviewing their nuclear plants for safety with a number shutting down old nuclear reactors.The drawing plans of new nuclear plants is also on hold as safety regulations are strengthened.Nuclear Energy accounts for around 15% of the world’s production of electricity and for some countries like France there is no alternative in the short term with 80% of the electricity coming from nuclear reactors.China has a huge target for nuclear energy of 80 GW by 2020 but that too is coming under attack with a NDRC official talking about lowering it by substituting it with other renewable energy sources like solar energy.Here are the Nuclear Energy Advantages vs Disadvantages.
1. Reliability – Nuclear Power is a highly reliable form of energy almost as good as other fossil fuel energy forms like coal,gas etc.Nuclear Power Plants except in drastic situations continue to run reliably for the whole day without any changes.
2. Low Fuel Cost – Large amounts of Nuclear Energy can be produced from the fission on radioactive elements like uranium.The costs of nuclear fuel is relatively very low compared to other energy sources like coal and gas.Also uranium prices currently are quite low making the nuclear electricity price even lower
3. Low Electricity Cost – The Electricity produced from Nuclear Power is quite low at around 3-5c/Kwh making it very attractive to construct hydro plants.Nuclear Plants also have long lives of between 40-60 years which means that they are extremely profitable once constructed within.