The Transformation of the Nuclear Power Industry - From Boom, To Bust, To Quiet Optimism

摘要

THE 1960S AND EARLY TO MID-1970S WERE GOOD times for the power industry. Electrical power load demand was projected to grow at a healthy rate for the foreseeable future, and the industry was expanding facilities. Fossil and nuclear power were favorably accepted by the general public. Utilities were ordering plants, architect engineers and constructors were busy designing and building plants, and reactor suppliers were busy designing the nuclear steam supply systems (NSSS) and supplying components. This boom cycle in the nuclear industry changed dramatically following the 1973 oil embargo. Fossil fuel prices rose rapidly as supplies were limited. Gas lines were long. In response to the embargo, conservation became fashionable and the energy costs justified conversion to energy-efficient devices in industry and in the private sector. Thermostats were turned down and sweaters donned. Energy-efficient appliances replaced older, less efficient devices throughout the country. Buildings were heavily insulated. The increasing load growth rate stopped, and the electric power industry was left with overcapacity in its generation and delivery facilities with more capacity expansion planned or on the drawing board. Utilities, ever aware of the concept of "used and useful," stopped the expansion as returns on investment became uncertain and investors edgy. Many plants in the conceptual or design stage were cancelled, while others, in various stages of construction, were delayed and in some cases mothballed. A few plants near completion were built and placed in operation, but, in general, the expansion of the 1960s and 1970s stopped cold, and utility capital investment essentially stopped.