Nuclear Power’s Big Comeback

By Douglas McIntyre  •  August 10, 2024
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Nuclear power, which became unpopular after a reactor meltdown at Three Mile Island in 1979, has begun a comeback. Even Bill Gates has invested in the resurgence.

The new generation of nuclear installations is called small modular reactors (SMR). They are smaller and safer than installations like Three Mile Island. The investors in these new projects believe their size and safety features will make them more acceptable to Americans. 

SMR companies have recently received substantial investment. They may be a solution to supplying energy to hungry data centers that run AI and Bitcoin mining applications. There is a worry that this emerging energy use will take away electricity from residential costumes and more traditional industries. Additionally, based on supply and demand, they would lift energy bills.  There is also an issue about whether AI should have access to large amounts of energy.

Axios reports, “Investment in advanced fission technologies, including SMRs, leaped more than tenfold to $3.9 billion in the first seven months of 2024 from $355 million in all of 2023.” This is almost too little to jump-start a new energy revolution. 

The advent of a period when reactors are less expensive faces three large barriers. First, they will require investments in the tens of billions of dollars. Second, fossil fuel costs remain low. Finally, Americans may not accept the dangers of nuclear power, whether they really exist or not.

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