Nuclear industry necessary and a risk worth taking

We give high marks to President Barack Obama for his decision last week to extend $8.3 billion in loan guarantees to help build two nuclear reactors in Georgia. The net effect of this move will be to reinvigorate the nation's moribund nuclear power industry.

Though nuclear power produces far fewer greenhouse gas omissions than ordinary fossil fuels, it has played a minimal role in terms of our overall energy generation. Though the U.S. has 104 operating nuclear power generators, none of the reactors ordered after 1973 -- when the Three Mile Island incident occurred -- was finished.

The announcement even elicited applause, though faint, from U.S. Rep. Doc Hastings, R-Pasco.

"I take President Obama at his word that he wants to make new nuclear reactors a reality -- and that's good news for (the Tri-Cities) and our nation," Hastings said in a news release.

The 4th District congressman, though, warned that Obama's support of nuclear power should not be used as a foil for seeking a bipartisan endorsement of the administration's cap-and-trade legislation, which Hastings does not favor.

There's no question Obama is seeking Republicans to back a broad initiative regarding energy policies. At this point, regardless of Obama's intentions, it's refreshing to see the White House embrace nuclear power as an important ingredient in the nation's mix of energy sources along with wind and solar power.

Of course, backing nuclear energy has its uncertainties. Financial risks abound. That's why the private sector has failed to step forward to underwrite these highly complex plants, which can cost upwards of $8 billion. In fact, governments, not private banks, are the financial backers in other countries throughout the world.

If the loan guarantees to the two plants in Georgia lead to on-time construction and a profitable operation, then the borrowers will be able to repay the banks, including fees to the U.S. government. However, if the power plants go under, costs to be shouldered by taxpayers could be substantial.

Still unresolved is the nagging problem of finding a long-term storage facility for nuclear waste, since the Obama administration has abandoned the Yucca Mountain site.

But, in terms of generating new jobs along with power, nuclear energy is a risk worth taking. The new plants that have gone online in other countries are far better designed than those from the Three Mile Island era and offer enhanced safety features.

With rigorous oversight, nuclear power plants should enjoy a much brighter future. That's the way it should have been all along.

* Members of the Yakima Herald-Republic editorial board are Michael Shepard, Bob Crider, Spencer Hatton and Karen Troianello.