Is Nuclear Power Ready to Step Out and Become a Major Player in the Energy Sector?

Whenever I think of Nuclear Power, three things come to mind. First, the Saturday Night Live skit "The Pepsi Syndrome" where Bill Murry's character spilled a coke to go on the computer which caused the problems. Second, I think of the Chernobyl accident that was the worst nuclear disaster in history. Third, I think of the movie "The China Syndrome" staring Michael Douglas, Jack Lemmon and Jane Fonda. These three incidents are ingrained in my head, and probably anyone else who is over 30 years old. Unfortunately, besides the hilariousness of the SNL skit, our attitudes towards nuclear power have been formed by a movie that shows the dangers of a nuclear plant meltdown and the dangers of an actual nuclear meltdown. This has caused Nuclear Power to be pushed back constantly as a possible source for energy consumption. However, recent events are an indication that things may be changing for the Nuclear industry.

NRG Energy, an idependent power producer based out of New Jersey was the first company in almost 30 years to apply for an application to build a new Nuclear Power Plant. Two days later, the Tennessee Valley Authority (TVA) applied for an application as well. In fact, the Nuclear Regulatory Commission, which oversees and regulates the Nuclear industry, has stated that they expect to receive 21 applications for 32 reactors over the next two years. Why is there such an increase? For 30 years, not one company would apply for an application, but now that one has, the NRC expects 21 more for a total of 32 reactors. This doesn't make much sense at first, however, when we break down some reasons why, we can see that now is the perfect time for Nuclear Power to come out of purgatory.