Nuclear Energy Externalities free essay sample

Externalities Nuclear power is a concept that has been evolving and has become a key in the race for the newest and best source of renewable energy. Nuclear power generation involves the use of large nuclear fission reactors that generate electricity through fission reactions and heat generation. Nuclear energy has many positive externalities but in the past the technology has proven that it has major downfalls as well. For this reason only about 5% of the power in the world is generated from nuclear sources. This nuclear power is only produced in some of the richest countries due to the fact that the initial investment into producing nuclear energy is extremely high and the gains of energy are sometimes not worth the investment in the advanced technology. Nuclear power can be a good source of power, provided the country has the funds available and resources to acquire nuclear material and process it to create energy. The biggest negative externality associated with nuclear power is disasters. The Chernobyl nuclear power plant accident in 1986 was a nuclear meltdown that occurred in on of the reactors at the plant. It resulted in deadly nuclear material leaking out of the plant and into the ground and air of surrounding areas. A huge radius around the plant remains closed to this day. With the high costs associated with entering the nuclear market, and the dangers the technology pose to the public, a meltdown or related nuclear accident is an astoundingly large and dangerous negative externality. In the case of a meltdown the surrounding areas are subject to radiation and cleanup is extremely expensive and costs the nation and the population hundreds of millions. Many believe that it is just not worth the risk to integrate nuclear power into their nations and lives. The Chernobyl incident leads to the radiation poisoning death of thousands and destroyed a huge amount of land in Ukraine. It is clear the economic repercussions of such an incident are widespread and affect various members of a country. Besides the extremely dangerous materials involved in generating nuclear power, the negative externality of waste storage exists. When nuclear power is produced the waste created from the fission reactions is highly toxic and deadly. For most, the dangers and economic costs associated with nuclear power are not worth the risk for such a little reward in terms of energy. Although some think that nuclear power is extremely clean, it has many byproducts and if something goes terribly wrong, the cost will be looming for decades if not centuries to come.