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Saturday, July 14, 2012

UK increasing Insurance requirement on nuke plants

See below UK forcing existing and new nuclear plants to cover more insurance including out years claims 30 years out.  

However, US Gov has estimated that some plants like Palisades in Michigan could cause up to $200B in damage, which is nothing compared to the triple meltdown in Fukushima which has estimates over $1000 Billion.

UK is requiring 1.2B per plant, and the plants and insurers are squaking.

Another smoking gun--if the risk of nuke was forced on the operators, it would become so costly that no one would run nuke.   SIMPLE

Nuclear operators are to be liable for damages amounting up to seven times the current limit in the event of a nuclear incident, the Government has confirmed.
A phased increase to a limit of €1.2bn (£999m) will be introduced over five years following the coming into force of an international treaty on nuclear third party liability. Liability will initially be capped at €700m and will rise by a further €100m each year until the €1.2bn level is reached. Currently, operator liability is limited to £140m per incident.
The Government said that its maximum liability was €500 million more than the minimum necessary under the revised Paris and Brussels Conventions. The UK and most other EU countries are all signatories to the treaties. The changes will apply to any potential new-build operators, as well as to existing nuclear operators in the UK.
Energy Minister Charles Hendry said that the change would mean that more compensation would be available to a larger number of claimants in respect of a broader range of damage.
"This is an important step in transferring the cost of nuclear third party liability from taxpayers to operators, particularly as we move forward with new nuclear," he said.
A lower liability level of €70 million, up from the current £10 million, will apply to incidents occurring at certain 'low risk' sites, with a level of €80 million for incidents occurring during low risk transport of nuclear substances. These are the minimum limits that can be set under the revised Conventions, the Government said.

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