Saturday, Oct. 04, 2008

Nuclear renaissance can fuel S.C. economy

Energy independence is the greatest challenge of the 21st century. We must not be intimated by this challenge, but rather inspired by the opportunities it affords and confident that the American spirit of innovation will enable us to find a practical, permanent and renewable solution.

No option can be left off the table. While new technologies such as wind, solar and hydrogen energy are being developed and perfected, we must turn our attention to the domestic resources readily available today.

Much of the talk recently has centered on offshore drilling and tapping domestic oil supplies. Undoubtedly, drilling is a key component to solving our energy problem, but what if I were to tell you that right here in South Carolina we have the potential to further develop an energy resource that is more abundant than oil, cleaner than natural gas and cheaper than solar power? What if I were to tell you that developing this technology would create hundreds and possibly thousands of new jobs?

Now, imagine I told you that we were already using this technology but that government regulation was preventing us from utilizing it to its full capacity.

What is this technology that seems too good to be true?

Nuclear power.

Just as Texas and Alaska are known for their oil and natural gas supplies, South Carolina has an opportunity to corner the nuclear energy market. More than any other state, South Carolina has the resources necessary to establish itself as the leader in nuclear power development.

More than 50 percent of powered generated in our state comes from the seven nuclear reactors found within our borders. Aiken County has the highest concentration of nuclear scientists in the country. Duke Energy, SCE&G, SCANA and the electric co-ops already are investing in the technologies needed to expand nuclear power. In fact, Duke and SCE&G are in the process of acquiring licenses for four new reactors. The potential is here, and the possibilities are boundless.

Working to put South Carolina at the heart of a nuclear renaissance will have an immediate, positive and long-lasting effect on our local economies. New jobs will be created. Additional revenue streams will pour into our state. Everyone from the owner of the corner sandwich shop to the nuclear engineer will reap the financial benefits of ensuring our state is the national leader in nuclear power development.

Unfortunately, there are some real challenges standing in our way. That’s why I have introduced the Pathway to Nuclear Power Act, to address the major hindrances to making a nuclear renaissance a reality. My bill does the following:

First, it fine-tunes policies on loan guarantees that we outlined in 2005, which will expedite the process of bringing next-generation nuclear reactors on-line. It also streamlines the lengthy licensing process for new nuclear power plants by eliminating unnecessary hearings.

Second, it encourages the growth of our own domestic nuclear industry by establishing tax and other economic incentives for investment in these technologies. Additionally, it addresses the reality that the nuclear industry is facing a labor shortage, by implementing a workforce training program to help meet the demand for skilled workers.

Lastly, it proposes a way to handle spent nuclear fuel, through the creation of a semi-independent corporation with Energy Department oversight. This corporation will provide the financial and managerial stability needed to build and operate a high-level waste repository.

Twenty years ago, former Gov. and U.S. Energy Secretary Jim Edwards proposed a plan that serves as the foundation of my bill. I am honored to have his support, and had we enacted his reforms back then, we may not be in the predicament in which we find ourselves now. There are many regulations that must be reformed and challenges that must be overcome. But I know that we have the personnel and resources here in South Carolina to ignite a nuclear renaissance. If we make nuclear power generation a priority and devote ourselves to making it a reality, I am certain the benefits will far outweigh the costs.

Mr. Barrett represents South Carolina’s 3rd Congressional District.