Atomic Power and Its Regulation: A Comparative Analysis and Critique of Projections

Abstract

Less than a decade ago, Japan’s nuclear program was expanding rapidly, resulting in about a third of its electricity being produced, at present, by atomic energy, with projections that this would rise to some 43% by the year 2010 (Lowinger and Hinman, 1994, Introduction, p. 3). In the past five years or so, not only has its nuclear program slowed down, but there has been a movement away from putting all its energy investment into nuclear power research and development. the UK nuclear program has also reached a watershed due to the inability to privatize nuclear power plants. In this chapter I will first briefly outline the reasons for the rise and slowdown of the Japanese nuclear program. I will then compare the Japanese case to what happened in the US based upon some of the aspects of the agency-theoretic perspective developed above. I will then turn to the UK as an additional case study in nuclear power program dysfunction. Finally, I will present a detailed critique of recent long-term projections for electricity generated from nuclear power made by the US Department of Energy.