July 16, 2025: The Water Cost of Electricity on the Susquehanna River

May 15, 2025: Data Centers and Nuclear Power on the Susquehanna River: More Questions than Answers

Sep 29, 2024: The case against restarting Three Mile Island’s Unit-1


Radioactive: The Women of Three Mile Island

Did you catch "The Meltdown: Three Mile Island" on Netflix?
TMI remains a danger and TMIA is working hard to ensure the safety of our communities and the surrounding areas.
Learn more on this site and support our efforts. Join TMIA. To contact the TMIA office, call 717-233-7897.

    

 
Gavin Newsom saved California’s last nuclear plant. 
But do we really need it?
 
Diablo Canyon, California’s last remaining nuclear power plant, was supposed to close by 2025, until Gavin Newsom abruptly changed course.
 
By John Emshwiller  Dec 15, 2025  SFChronicle

 

Diablo Canyon, California’s last nuclear power plant, was supposed to be closed by now.
In 2016, owner Pacific Gas & Electric reached an agreement with environmentalists and others to shutter the plant by August 2025, turning off the 40-year-old facility’s two domed reactors, marvels of 20th century technology that can power hundreds of thousands of homes. Top state officials, including then Lt. Gov. Gavin Newsom, supported the deal, deeming Diablo Canyon unnecessary and uneconomical as state energy policy increasingly focused on renewables such as solar and wind power.
But suddenly in 2022, Newsom changed course. Now governor, he put his weight behind Senate Bill 846, a law that extended Diablo Canyon’s operating life until 2030. To help keep the plant running, he supplied nearly $1.4 billion in state funds, which officials hoped would be paid back by Biden-era federal subsidies. And for the first time, public utility rate-payers around the state would join those in PG&E’s territory in paying hundreds of millions of dollars a year to run Diablo Canyon.
What caused this giant U-turn?
 
Newsom said a changed electricity supply-and-demand picture meant Diablo Canyon was needed to avoid blackouts. “In 2022, the Governor recognized the urgent need to extend operations of the Diablo Canyon Power Plant to maintain safe, reliable and affordable electricity,” Newsom’s office said in a statement to the Chronicle.
 
A Chronicle investigation, though, found that a well-organized, well-financed campaign had pushed to extend the nuclear plant’s life. It involved top marketing, lobbying and research firms, some with extensive ties in Sacramento politics. The effort included an unlikely coalition of tech officials, academics, a former PG&E executive and a Brazilian fashion model turned online nuclear influencer. 
Meanwhile, the need for Diablo Canyon wasn’t as clear-cut as the governor portrayed. Some state energy forecasts, both before and after passage of SB 846, projected adequate supplies without the nuclear plant. Data from a report this August showed a large electricity surplus even without Diablo Canyon. And a federal subsidy is projected to pay back only part of the $1.4 billion advance to PG&E — leaving the state with a possible shortfall of almost $600 million.  
 
State officials say the nuclear plant is still needed to ensure power during extreme heat events that are outside official planning standards. But critics say Newsom, who is widely expected to seek the Democratic presidential nomination in 2028, made a political calculation in foisting an unneeded and costly plant onto the public as insurance against fury-inducing and expensive power outages — even limited ones — in the years ahead.
 
“The rewards were huge and the cost to him was low,” said Matthew Freedman, a staff attorney for The Utility Reform Network, a non-profit consumer-advocacy group actively involved in state ratemaking proceedings. “The cost is paid by ratepayers.”
The main beneficiary, critics argue, was PG&E, which was a major contributor to Newsom’s 2018 gubernatorial campaign. Through SB 846, PG&E gets a $100 million-plus annual fee for managing Diablo Canyon. It also stands to receive over $250 million a year in other fees that could be used for the plant or activities ranging from electrical grid improvements to public communications efforts. And ratepayers also had to fund a new $300 million account to buy replacement power if Diablo Canyon went down because PG&E failed to adequately manage the plant. (Previously, PG&E would have faced paying for such costs.) 
Any inference that politics or PG&E’s campaign support influenced the governor is “sloppy and inaccurate reporting,” said a statement from Newsom’s office. “Diablo Canyon remained online because of only one reason: the real, documented threats to our state’s grid reliability.”
In reply to questions, PG&E said it simply responded in 2022 to a state request to extend Diablo Canyon operations. 
The plant’s reprieve was something more: an early sign of a broader revival of interest in nuclear power, even in left-leaning states. In June, New York Gov. Kathy Hochul directed state power officials to begin work on a new nuclear plant, the first in a generation. Tech giants such as Google, Meta and Microsoft have made deals for power from nuclear plants to meet the growing electricity needs for artificial intelligence work. By 2040, California’s peak power demand is forecast to increase by about 30% compared with current record peak demand, due in part to AI computing needs.
Now, nuclear plants like Diablo Canyon, recently written off by many as relics, are once again being pitched as the future. Already, PG&E is raising the prospect of keeping Diablo Canyon running past 2030 and is taking steps that, with the state’s permission, could allow it to operate until 2045. 
 
‘An iconic plant’
Diablo Canyon is situated roughly between Los Angeles and San Francisco on a dramatic coastal perch with ready access to ocean water to cool its reactors and related systems. When construction began in the 1960s, government planners envisioned hundreds of nuclear plants supplying the country with cheap and abundant electricity. But soaring construction costs as well as high-profile accidents such as Three Mile Island, Chernobyl and Fukushima dimmed the atom’s prospects.
As did the rise of a dedicated anti-nuclear movement with Diablo Canyon an early target. Protests attracted tens of thousands of demonstrators and resulted in hundreds of arrests. One big concern was earthquake faults, which were only discovered near the plant after construction started. Critics say quakes there could cause dangerous radiation leaks. But PG&E says it has taken adequate safety measures to handle natural disasters, such as earthquakes and tsunamis and federal regulators have agreed.
 
Left: Diablo Canyon Nuclear Power Plant protesters use ladders to climb over fences in 1978.(Terry Schmitt, The Chronicle) Right: Diablo Canyon Nuclear Power Plant protesters in 1981.(Gary Fong, The Chronicle)
 
 
Diablo Canyon Nuclear Power Plant protests organized by Abalone Alliance, a group that formed to oppose the project, in 1981. The plant has long been a symbol of resistance to nuclear power.
 
By 2016, Diablo Canyon, then responsible for roughly 6% of the electricity generated in California, capable of producing over 2,200 megawatts of power, was the state’s last nuclear plant. And its future was uncertain.
 
A state commission including then-Lt. Gov. Newsom was considering whether to renew crucial land leases for the plant. State officials were concerned about the plant’s effect, absent expensive cooling-system modifications, on local marine life from using the ocean water. Without the land leases, the plant faced closure by 2018. 
So PG&E started talking with environmental groups and others. And in June 2016, the parties announced a deal.
PG&E agreed to close the reactors when their original federal operating licenses expired, in 2024 for unit 1 and 2025 for unit 2. In return, the environmental groups agreed to support extending the state land leases without the cooling-system modifications. There would be enough time in the years before closing to bring on renewable resources to make up for the loss of Diablo Canyon, deal advocates said.
 
“California’s energy landscape is changing dramatically with energy efficiency, renewables and (battery) storage being central to the state’s energy policy,” said then-PG&E Chief Executive Officer Tony Earley. “As we make this transition, Diablo Canyon’s full output will no longer be required.”
All in all, “PG&E’s analysis projects that it would be more expensive from a customer perspective to continue to operate” the nuclear plant, the company said in a filing with the California Public Utilities Commission.
Newsom and other state officials endorsed the closure deal. In a sense, the nuclear opponents had finally won.
Newsom’s Reversal on Diablo Canyon Power Plant
Gov. Gavin Newsom reversed his earlier stance on shutting down Diablo Canyon and pushed to keep California’s last nuclear plant running until 2030, relying on shifting calculations that could leave Californians footing the bill.
 
“Diablo Canyon is an iconic plant. The first great anti-nuclear demonstrations occurred there,” said Ralph Cavanagh, who took part in the negotiations for the Natural Resources Defense Council, a longtime critic of the nuclear industry. “If you want to make a splash, have the greatest impact, it would be at Diablo Canyon.”
Pro-nuclear figures agreed. The planned closure “sent shock waves through America’s electric utility industry” and “presents a stark challenge to both the nuclear industry and policy-makers,” wrote Ray Rothrock and a co-author in a 2016 USA Today opinion piece.
Rothrock, a Bay Area venture capitalist with degrees in nuclear engineering, had already been working with other atomic power advocates to revive the industry. Though his initial Diablo Canyon complaints fell on deaf ears, he and his allies would be heard from again.
 
‘Unacceptable’ outages
In August 2020, a brutal heat wave hit California. Temperatures in Death Valley reached 130 degrees. The California Independent System Operator, or Cal ISO, which manages most of the state’s electricity grid, instituted two days of early-evening rolling blackouts. They affected over 800,000 customers for between eight minutes and two-and-a-half hours.
 
A follow-up state investigation partly blamed the outages on solar power output falling faster than demand as the sun set. The probe also cited grid-management problems. 
Newsom, now a year into his first term as governor, called the outages “unacceptable and unbefitting of the nation’s largest and most innovative state.” (He would later tell the L.A. Times that those 2020 blackouts got him rethinking Diablo Canyon’s future.)
Building an electricity-supply system is a balancing act. Too few power sources can lead to frequent blackouts. Too many can leave customers paying for expensive, idle equipment. California utilities already charge some of the highest electric rates in the nation. 
 
But California’s supply situation was changing fast. In June 2021, the CPUC authorized an additional 11,500 megawatts of power supply, about five times the output of Diablo Canyon. 
 
A September 2021 study by the staff of the California Energy Commission, or CEC, said that modelling showed a “reliable system” at projected power levels through 2026. A February 2022 CPUC document said the planned power portfolio “meets stringent reliability standards.”
 
All the while, battery storage was improving. That same month, the Cal ISO said 2,359 megawatts of battery storage had been added to the grid in 2021. Such storage, charged during the hours when electricity supplies are abundant, is a vital supplement to solar and wind power. 
 
This added capacity was 10 times the amount of battery storage available during the 2020 blackouts, though Cal ISO, in a written response, declined to speculate about whether the added storage could have averted the blackouts. (Currently, there are over 14,000 megawatts of installed battery capacity, according to Cal ISO.)
With more battery power online and the Diablo deal done, Hallie Templeton, the legal director at Friends of the Earth, a participant in the closure deal, considered the issue settled. The possibility of extending the plant’s operations past 2025 “was not even on my radar,” she said.
But others had it on their screens. In 2021, Rothrock, the pro-nuclear venture capitalist, got a call from Armond Cohen, a fellow nuclear advocate and the executive director of Clean Air Task Force, a Boston-based non-profit. He was seeking financing for a study proposed by MIT researchers, who wanted to evaluate keeping Diablo Canyon operating to desalinate vast amounts of water for an often-parched state.
 
Rothrock, in a recent interview, recalled Cohen saying the study could be the jumping-off point for a multimillion-dollar campaign to save the nuclear plant. Rothrock agreed to help fund the study. Though the research would be academically independent, Diablo Canyon supporters believed the plant would prove its worth. 
Ultimately, the pro-Diablo Canyon effort raised about $2.5 million, Cohen said in an interview, much of it from the tech industry, with individual donations of up to about $100,000.
 
A longshot campaign
Early on, Cohen hired Dan Richard, a former senior vice president for public policy and governmental relations at PG&E. Richard, a 75-year-old business consultant, had started in California politics in 1978 as a young aide to Gov. Jerry Brown. He was at PG&E during the 2001 California electricity crisis, when rolling blackouts and soaring wholesale power prices hit the state and temporarily pushed PG&E into bankruptcy proceedings.
For the Diablo Canyon effort, Richard assembled a team of consultants, pollsters and lobbyists. He also reached out to influential people he thought might help.
One was Cal ISO president Elliot Mainzer. “At first he said, ‘Good luck’,” recalled Richard. “But the conversations kept getting longer and longer until we were meeting for breakfast and talking about how to keep Diablo open.” 
 
Left: California Gov. Jerry Brown in 2012 with Dan Richard, then chairman of the California High-Speed Rail Authority. Richard would go on to advocate for Diablo Canyon.(AP Photo/Damian Dovarganes) Right: Richard lobbied California Independent System Operator President Elliot Mainzer, second from left, to keep Diablo Canyon running. (AP Photo/Alberto Mariani)
While Richard never asked Mainzer about possible conversations with Newsom, “I am sure he was engaged with the governor’s office,” he said.
 
In a written response to a question about Richard, Cal ISO said “Mr. Mainzer had conversations with advocates from all sides of the issue.”
Richard also contacted the International Brotherhood of Electrical Workers, Local 1245, which represents employees at Diablo Canyon and supported Newsom’s 2018 gubernatorial bid, calling him “as good a friend in the political world as 1245 has ever had.” Under the 2016 closure agreement, plant workers had reaped tens of millions of dollars in extra pay to keep them on the job until 2025. 
Another pro-Diablo Canyon activist was Isabelle Boemeke, a Brazilian fashion model turned nuclear power proponent with the online persona “Isodope.” S
 
he shared a “Save Diablo Canyon” video on TikTok, wearing a futuristic outfit: “You’ve learned from my makeup tutorials that it’s not a look without mascara — and that when nuclear plants are shut down, they’re replaced by fossil fuels.” 
Boemeke organized a rally for the plant. Her Save Clean Energy group sent a letter to Newsom signed by former energy secretary Steven Chu and 78 other scientists and academics calling the planned closure “irresponsible” and possibly “catastrophic.”
Boemeke, in an interview with the Chronicle, noted Diablo Canyon’s history as a potent symbol of nuclear power. “If you save the plant it will send such a powerful message that the tides are turning.” Richard said Boemeke was “a very positive factor” in the campaign.  
 
 
Left: Ray Rothrock, venture capitalist and philanthropist, was one of the chief proponents of keeping Diablo Canyon running, helping to fund a study to prove its utility. (Lea Suzuki, S.F. Chronicle) Right: Isabelle Boemeke, a Brazilian model turned pro-nuclear social media influencer, at a photo shoot at Diablo Canyon on Aug. 5, 2025. (Courtesy Of The Isodope Team)
 
The study
The Diablo Canyon study, which was done jointly by faculty from MIT and Stanford, came out in November 2021. As its funders hoped, it said extended operation of the nuclear plant would provide cost-effective, greenhouse gas-free electricity and water desalination as well as produce hydrogen, a zero-carbon fuel. (The desalination and hydrogen ideas have yet to go anywhere.)
The study attracted attention, including a favorable Washington Post editorial. The pro-Diablo Canyon campaign also got an op-ed piece into the L.A. Times by former U.S. energy secretaries Chu and Ernest Moniz. 
 
“We met with the governor’s office, legislators, unions, local tribes. We briefed everyone,” said Jacopo Buongiorno, an MIT professor and a study co-author. Officials in the governor’s office “listened with great interest.”
Then-Energy Secretary Jennifer Granholm also weighed in. In an interview with Reuters, she suggested California state officials could reconsider closing Diablo Canyon.
 
Public opinion was behind them — another sign of a cultural shift toward embracing nuclear power after years of skepticism. A poll of Californians commissioned by Richard found 58% favored keeping Diablo Canyon open with 32% opposed. Richard quietly slipped the results to the Newsom camp.
 
In April 2022, Richard received a call from Scott Wetch, the IBEW’s Sacramento lobbyist. Wetch said he had just talked with Ana Matosantos, Newsom’s cabinet secretary. She felt the state couldn’t do without Diablo Canyon.
“I was dancing a little jig at this point in the call,” Richard recalled. “It was the first indication we might win this thing.”
Wetch said Richard’s recounting of the conversation “sounds accurate.”
Matosantos said she didn’t recall such a conversation with Wetch.
 
Moving the margins
Several days later, Newsom went public. He gave an interview to the L.A. Times in which he first spoke about keeping Diablo Canyon open longer than planned. Newsom said he’d heard from scientists, activists and former U.S. energy secretaries advocating for the nuclear plant.
Next, officials from state energy agencies held a media briefing in response to inquiries from the press. They spoke of potential shortfalls of 1,700 megawatts or possibly more — a stark contrast with the rosier forecasts of a few months earlier.
 
Left: A sign board with workers' signatures is displayed at the Diablo Canyon Power Plant near Avila Beach, Calif., on Thursday, Dec. 4, 2025. Diablo Canyon is California's last nuclear power plant, In 2022, Governor Newsom granted a reprieve to its decommissioning, and now it could remain open well into the future. (Carlos Avila Gonzalez/S.F. Chronicle) Right: FILE - California Gov. Gavin Newsom discusses the effect of the drought on power generation after touring the Edward Hyatt Power Plant at the Oroville Dam, in Oroville, Calif., on April 19, 2022. Owner Pacific Gas & Electric decided six years ago to close the twin-domed Diablo Canyon Nuclear Power Plant by 2025. But Democratic Gov. Gavin Newsom, who was involved in the agreement to close the reactors, has prompted PG&E to consider seeking a longer lifespan for the plant. (AP Photo/Rich Pedroncelli, File)
 
Asked recently about the discrepancy, the CEC, in an email, said the newer projections “identified potential shortfalls due to factors not fully captured” in earlier analyses. Those factors included climate-change impacts and delays in getting new renewable resources online.
 
But the darker outlook also highlighted different ways state officials can define a “shortfall.”
In California, the goal is to have no more than one day every 10 years when a power shortage causes blackouts. To meet this 1-in-10 reliability standard, as it’s called, the electric system tries to have enough power to meet expected peak demand and still maintain a “reserve margin” — an extra cushion of supply — to handle unexpected events. In 2022, the California system aimed for a reserve margin of 15%, a common utility industry level.
A May 2022 CEC staff report showed that, in 2026, the first year when Diablo Canyon would be fully closed, the projected reserve margin exceeded 15% every hour of summer peak-demand months. The reserve margin would even meet a higher target of 22.5% — except for several hours each day in September, when it would fall short by 1,700 megawatts.
These relatively few hours each year are at the heart of the reliability concerns and, to a degree, the debate over Diablo Canyon. An extreme heat event, such as the one that prompted the August 2020 blackouts, could require a 22.5% reserve margin, state energy officials say. Such events are expected to occur more frequently with climate change, but still aren’t estimated to occur frequently enough to be part of the official reliability planning standards.
Even such concerns for just a relatively few hours during high-demand months was apparently too much risk for Newsom.
 
Left: The Diablo Canyon Power Plant seen in 2015 through a car window. The plant has two Westinghouse-designed 4-loop pressurized-water nuclear reactors operated by Pacific Gas & Electric. (Nancy Pastor for the San Francisco Chronicle) Right: A PG&E power substation in 2020. The power giant owns and operates the Diablo Canyon plant, which can power hundreds of thousands of homes. (Paul Chinn/The Chronicle)
 
‘A very heavy thumb on the scale’
After expressing interest in extending Diablo Canyon’s life, Gov. Newsom helped the plant qualify for inclusion in a $6 billion U.S. Department of Energy fund to support nuclear power facilities. At the time, state officials said they were looking to this federal money to repay the $1.4 billion state advance for Diablo Canyon.
In the last hours of the 2022 legislative session, during another brutal heat wave, the governor pushed through SB 846, the Diablo Canyon extension bill. Though it passed with large majorities, doubts lingered. 
It “remains unclear whether the scenarios shared by the Newsom administration accurately portray future realities,” said one legislative bill analysis, “or are unnecessarily conservative and costly.” 
The law directed the CEC to determine whether Diablo Canyon was needed. In early 2023, the agency issued its answer: No and Yes.
Without the nuclear plant operating past 2025, California “will meet current resource adequacy planning standards from 2024 through 2030,” the report said.
But grid reliability risk remained from supply delays and “climate-driven events,” so it would be “prudent” to keep the nuclear plant operating, the report also said. To reach this conclusion, the CEC report pointed to the 22.5% reserve margin — as well as a 26% margin for an event like a September 2022 heat wave, which produced a record electricity demand, though no blackouts. It estimated that this kind of event could occur once every 14 years, more often than in the past, but still less frequently than the official 1-in-10 reliability target. 
“It becomes very hard to avoid the conclusion that CEC staff put a very heavy thumb on the scale to produce a result desired by the Governor,” wrote Daniel Hirsch, then the president of the nuclear safety nonprofit Committee to Bridge the Gap, which opposed the plant, in a critique of the report.
In an email response to such criticism, the CEC said its work was “based solely on technical reliability analyses — not politics.”
 
Left: Diablo Canyon Nuclear Power Plant protests organized by Abalone Alliance in 1981. The plant has been at the center of many nuclear protests. (Mike Maloney/The Chronicle) Right: Carina Corral, Strategic initiatives manager at the Diablo Canyon Power Plant, stands near the Unit One turbines at the plant. The continued life of the plant is seen as a symbol of the endurance of nuclear power (Carlos Avila Gonzalez/S.F. Chronicle)
These mixed messages have continued. Last year, a CEC official told a legislative hearing that the state was at risk of electricity shortfalls without Diablo Canyon. However, a CEC report a few months later said that, even without the nuclear plant, “the current analysis continues to well exceed reliability targets through the 2020s.” 
A CEC response to questions said the legislative testimony spoke to “potential resource shortfalls in extreme scenarios” while that later report “presented a broader view under typical conditions.”
“Yes, we can meet normal planning standards,” said CEC Vice Chair Siva Gunda in a recent interview. “But those standards do not account for the new climate-driven risks that we’re seeing.”
 
Falling short?
In the past, electricity systems largely relied on fossil fuel or nuclear plants that either ran all the time or could be powered up on short notice. Solar and wind power sources can be more variable depending on weather conditions —- which is why battery storage is important.
“What Diablo does is give you stability of power. That is useful,” said Gunda.
Critics counter that it is also a blunt instrument. Using the inflexible output of a giant nuclear plant to assuage a relatively few hours of worry each year is not only expensive and inessential but tends to crowd out renewable energy sources during periods of lower demand. Further steps to reduce demand, such as giving consumers incentives to shift electricity uses away from those worrisome hours, is a better approach, they contend.
Meanwhile, the state continues to add resources to the grid: over 25,000 megawatts since Newsom took office in 2019, according to the CEC. The CPUC has set the reserve margin for next year at 18%, with the aim of 22.5% during summer months. An August state report showed the grid with a 23.5% reserve margin — without Diablo Canyon. With the nuclear plant, the margin was a little over 28%. 
In a written response to questions, the CEC said there are currently enough resources without Diablo Canyon to handle some extreme weather events but not enough to handle others.
 
 
Birds fly by the harbor at the Diablo Canyon Power Plant near Avila Beach, Calif., on Thursday, Dec. 4, 2025. The plant will stay open until at least 2030, and some suspect it could operate for longer.
Carlos Avila Gonzalez/S.F. Chronicle
As for that nearly $1.4 billion state advance to PG&E, which officials hoped would be repaid by the Energy Department subsidy program, the picture has darkened. 
An August state report said it won’t be known until at least 2027 how much money will come from the federal government. But the current reimbursement forecast was just $741 million, the report said — which could leave the state hundreds of millions of dollars short.
In a statement, state Sen. John Laird, whose district includes Diablo Canyon, said he’d supported extending the plant’s operating life partly on the condition “that federal support would offset the state’s financial commitment.” 
“If that support now falls short, it is deeply concerning” he went on. “We must ensure that Californians aren’t burdened with the consequences.”
PG&E’s cost-benefit analysis to customers of Diablo Canyon, by one measure, has also shifted.
Touting the financial benefits of Diablo Canyon operating to 2030, PG&E said in a March public statement that without the plant, ratepayers’ bills would be $3.2 billion higher. PG&E arrived at the calculation using a CPUC-determined cost number for obtaining alternate power sources to ensure reliability.
However, CPUC recently revised that cost number downward by over 70% — turning $3.2 billion potential net savings into more than $500 million in net costs.
 A PG&E spokesperson said the company didn’t have a comment on the changed number beyond reiterating its belief in “the critical role” Diablo Canyon “plays in the state’s clean energy future.”
 
Beyond 2030
Deep inside Diablo Canyon, the walls begin to shake. Control panels flash and emergency sirens blare out danger.
This is not the plant’s real control room. It is the simulator, or “the sim” — a training center for PG&E workers that was recently visited by the Chronicle.
To PG&E, the sim is part of a comprehensive effort that ensures Diablo Canyon can safely handle any threats from nearby earthquake faults — a position that plant critics continue to dispute. Another, more recent point of contention: critics’ concerns that a crucial part of the unit 1 reactor might be dangerously weakened from decades of radiation exposure.
 
Simulator specialist Brian Sawyer checks a panel at Diablo Canyon, used to train operators on potential problems at the Diablo Canyon Power Plant.
Carlos Avila Gonzalez/S.F. Chronicle
Some observers believe an effort is coming to extend Diablo Canyon’s life past 2030. PG&E has requested new federal licenses that would allow the plant to operate until 2045. “Looking beyond 2030, (Diablo Canyon’s) output could help address the growing electricity demand across the state,” said a company statement to the Chronicle. Proponents often cite the growing demands from AI data centers. 
PG&E also sent a CPUC document, dated Sept. 30, with charts showing that if Diablo Canyon ran to 2045 it could save ratepayers billions of dollars by lessening the need to build new power sources.
In a written reply to questions, a CPUC spokesperson said its extended recent look at Diablo Canyon was “informational-only” and wasn’t “a policy recommendation or preferred outcome.” 
“From what I have seen, PG&E would really like to extend Diablo Canyon past 2030,” said Laird in a recent interview.  However, “the jury is still out on a number of issues that need to be analyzed before addressing such a consideration.”  
 
PG&E resolved one potential issue last week The state Coastal Commission had previously held up its approval for the plant’s plans over a dispute about what steps PG&E needed to take to compensate for damage to local marine life from the plant’s use of seawater. But on Thursday, it gave its approval for Diablo Canyon to continue operating until at least 2030. 
Asked about the prospect of the plant staying open a good deal longer, the Newsom spokesman said, “we remain focused on keeping the option of extension until 2030.”

https://www.latimes.com/environment/story/2025-12-11/diablo-canyon-coastal-commission-vote

Diablo Canyon approved to resume operation: Write critical LTE: letters@latimes.com

By Hayley Smith and Noah Haggerty

Dec. 11, 2025 6:35 PM PT

  • California’s last nuclear power plant received permission to operate for at least 5 more years in exchange for conserving thousands of acres of land in San Luis Obispo County.
  • The agreement between The California Coastal Commission and Pacific Gas & Electric seeks to balance damage to the marine environment going forward.
  • Some stakeholders in the region celebrated the deal while others, including a Native tribe, were disappointed.

California environmental regulators on Thursday struck a landmark deal with Pacific Gas & Electric to extend the life of the state’s last remaining nuclear power plant in exchange for thousands of acres of new land conservation in San Luis Obispo County.

PG&E’s agreement with the California Coastal Commission is a key hurdle for the Diablo Canyon nuclear plant to remain online until at least 2030. The plant was slated to close this year, largely due to concerns over seismic safety, but state officials pushed to delay it — saying the plant remains essential for the reliable operation of California’s electrical grid. Diablo Canyon provides nearly 9% of the electricity generated in the state, making it the state’s single largest source.

The Coastal Commission voted 9 to 3 to approve the plan, settling the fate of some 12,000 acres that surround the power plant as a means of compensation for environmental harm caused by its continued operation.


Avila Beach, CA - June 26: View from offshore Pacific Gas and Electric's Diablo Canyon Power Plant, the only operating nuclear powered plant in California on Monday, June 26, 2023 in Avila Beach, CA. California Gov. Gavin Newsom is pushing a controversial plan to keep the PG&E plant along the coast near San Luis Obispo operating past its current planned shutdown date of 2025. (Brian van der Brug / Los Angeles Times)

CLIMATE & ENVIRONMENT

We toured California’s last nuclear power plant. Take a look inside

July 13, 2023


Under the agreement, PG&E will immediately transfer a 4,500-acre parcel on the north side of the property known as the “North Ranch” into a conservation easement and pursue transfer of its ownership to a public agency such as the California Department of Parks and Recreation, a nonprofit land conservation organization or tribe. A purchase by State Parks would result in a more than 50% expansion of the existing Montaña de Oro State Park.

PG&E will also offer a 2,200-acre parcel on the southern part of the property known as “Wild Cherry Canyon” for purchase by a government agency, nonprofit land conservation organization or tribe. In addition, the utility will provide $10 million to plan and manage roughly 25 miles of new public access trails across the entire property.

“It’s going to be something that changes lives on the Central Coast in perpetuity,” Commissioner Christopher Lopez said at the meeting. “This matters to generations that have yet to exist on this planet ... this is going to be a place that so many people mark in their minds as a place that transforms their lives as they visit and recreate and love it in a way most of us can’t even imagine today.”

Critically, the plan could see Diablo Canyon remain operational much longer than the five years dictated by Thursday’s agreement. While the state Legislature only authorized the plant to operate through 2030, PG&E’s federal license renewal would cover 20 years of operations, potentially keeping it online until 2045.

Should that happen, the utility would need to make additional land concessions, including expanding an existing conservation area on the southern part of the property known as the “South Ranch” to 2,500 acres. The plan also includes rights of first refusal for a government agency or a land conservation group to purchase the entirety of the South Ranch, 5,000 acres, along with Wild Cherry Canyon — after 2030.

Pelicans along the concrete breakwater at Pacific Gas and Electric's Diablo Canyon Power Plant

Pelicans along the concrete breakwater at Pacific Gas and Electric’s Diablo Canyon Power Plant 

(Brian van der Brug/Los Angeles Times)

Many stakeholders were frustrated by the carve-out for the South Ranch, but still saw the agreement as an overall victory for Californians.

“It is a once in a lifetime opportunity,” Sen. John Laird (D-Santa Cruz) said in a phone call ahead of Thursday’s vote. “I have not been out there where it has not been breathtakingly beautiful, where it is not this incredible, unique location, where you’re not seeing, for much of it, a human structure anywhere. It is just one of those last unique opportunities to protect very special land near the California coast.”


Los Angeles, CA - March 17: Scenes from the Scattergood Generating Station in Los Angeles, CA, Thursday, March 17, 2022. The gas-fired power plant is operated by the Los Angeles Department of Water and Power and is one of the city's largest power sources. The DWP hopes to transition from burning natural gas to burning green hydrogen at Scattergood. (Jay L. Clendenin / Los Angeles Times)

CLIMATE & ENVIRONMENT


Others, however, described the deal as disappointing and inadequate.

That includes many of the region’s Native Americans who said they felt sidelined by the agreement. The deal does not preclude tribal groups from purchasing the land in the future, but it doesn’t guarantee that or give them priority.

The yak titʸu titʸu yak tiłhini Northern Chumash Tribe of San Luis Obispo County and Region, which met with the Coastal Commission several times in the lead-up to Thursday’s vote, had hoped to see the land returned to them.

Scott Lanthrop is a member of the tribe’s board and has worked on the issue for several years.

“The sad part is our group is not being recognized as the ultimate conservationist,” he told The Times. “Any normal person, if you ask the question, would you rather have a tribal group that is totally connected to earth and wind and water, or would you like to have some state agency or gigantic NGO manage this land, I think the answer would be, ‘Hey, you probably should give it back to the tribe.’”

Tribe chair Mona Tucker said she fears that free public access to the land could end up harming it instead of helping it, as the Coastal Commission intends.

“In my mind, I’m not understanding how taking the land ... is mitigation for marine life,” Tucker said. “It doesn’t change anything as far as impacts to the water. It changes a lot as far as impacts to the land.”

Montaña de Oro State Park.

Montaña de Oro State Park. (Christopher Reynolds / Los Angeles Times)

The deal has been complicated by jurisdictional questions, including who can determine what happens to the land. While PG&E owns the North Ranch parcel that could be transferred to State Parks, the South Ranch and Wild Cherry Canyon are owned by its subsidiary, Eureka Energy Company.

What’s more, the California Public Utilities Commission, which regulates utilities such as PG&E, has a Tribal Land Transfer Policy that calls for investor-owned power companies to transfer land they no longer want to Native American tribes.

In the case of Diablo Canyon, the Coastal Commission became the decision maker because it has the job of compensating for environmental harm from the facility’s continued operation. Since the commission determined Diablo’s use of ocean water can’t be avoided, it looked at land conservation as the next best method.

This “out-of-kind” trade-off is a rare, but not unheard of way of making up for the loss of marine life. It’s an approach that is “feasible and more likely to succeed” than several other methods considered, according to the commission’s staff report.

“This plan supports the continued operation of a major source of reliable electricity for California, and is in alignment with our state’s clean energy goals and focus on coastal protection,” Paula Gerfen, Diablo Canyon’s senior vice president and chief nuclear officer, said in a statement.

But Assemblymember Dawn Addis (D-Morro Bay) said the deal was “not the best we can do” — particularly because the fate of the South Ranch now depends on the plant staying in operation beyond 2030.
 

“I believe the time really is now for the immediate full conservation of the 12,000 [acres], and to bring accountability and trust back for the voters of San Luis Obispo County,” Addis said during the meeting.

There are also concerns about the safety of continuing to operate a nuclear plant in California, with its radioactive waste stored in concrete casks on the site. Diablo Canyon is subject to ground shaking and earthquake hazards, including from the nearby Hosgri Fault and the Shorline Fault, about 2.5 miles and 1 mile from the facility, respectively.

PG&E says the plant has been built to withstand hazards. It completed a seismic hazard assessment in 2024, and determined Diablo Canyon is safe to continue operation through 2030. The Coastal Commission, however, found if the plant operates longer, it would warrant further seismic study.


SAN LUIS OBISPO, CA - AUGUST 9, 2024 - The Diablo Nuclear Power Plant as seen from the Diablo Cove in San Luis Obispo on August 9, 2024. (Genaro Molina/Los Angeles Times)

CLIMATE & ENVIRONMENT

Earthquake risks and rising costs: The price of operating California’s last nuclear plant

Aug. 27, 2024

A key development for continuing Diablo Canyon’s operation came in 2022 with Senate Bill 846, which delayed closure by up to five additional years. At the time, California was plagued by rolling blackouts driven extreme heat waves, and state officials were growing wary about taking such a major source of power offline.

But California has made great gains in the last several years — including massive investments in solar energy and battery storage — and some questioned whether the facility is still needed at all.

Others said conserving thousands of acres of land still won’t make up for the harms to the ocean.

“It is unmitigatable,” said David Weisman, executive director of the nonprofit Alliance for Nuclear Responsibility. He noted that the Coastal Commission’s staff report says it would take about 99 years to balance the loss of marine life with the benefits provided by 4,500 acres of land conservation. Twenty more years of operation would take about 305 years to strike that same balance.


California City, CA - November 25: Battery solar energy storage units at the Los Angeles Department of Water and Power's biggest solar and battery storage plant, the Eland Solar and Storage Center in the Mojave Desert of Kern County on Monday, Nov. 25, 2024 near California City, CA. (Brian van der Brug / Los Angeles Times)

CLIMATE & ENVIRONMENT


But some pointed out that neither the commission nor fisheries data find Diablo’s operations cause declines in marine life. Ocean harm may be overestimated, said Seaver Wang, an oceanographer and the climate and energy director at the Breakthrough Institute, a Berkeley-based research center.

In California’s push to transition to clean energy, every option comes with downsides, Wang said. In the case of nuclear power — which produces no greenhouse gas emissions — it’s all part of the trade off, he said.

“There’s no such thing as impacts-free energy,” he said.

The Coastal Commission’s vote is one of the last remaining obstacles to keeping the plant online. PG&E will also need a final nod from the Regional Water Quality Control Board, which decides on a pollution discharge permit in February.

The federal Nuclear Regulatory Commission will also have to sign off on Diablo’s extension.

rjohnson

NuScale Power (SMR) Is Down 11.1% After Fluor Exit Plan And Commercialization Doubts - Has The Bull Case Changed?

Simply Wall St
 3 min read

In this article:

  • In recent months, NuScale Power has faced mounting questions over its ability to turn its NRC‑approved small modular reactor design into firm, commercially viable projects, amid missed quarterly expectations, insider share sales and ongoing reliance on its ENTRA1 Energy partnership.

  • At the same time, the planned 2026 exit of major shareholder Fluor and the need to prove cost competitiveness versus gas and renewables have become central issues for investors assessing whether NuScale’s clean‑energy ambitions can translate into durable orders and funding.

  • We’ll now look at how concerns around NuScale’s commercialization timeline and Fluor’s planned stake sale reshape the company’s broader investment narrative.

These 10 companies survived and thrived after COVID and have the right ingredients to survive Trump's tariffs. Discover why before your portfolio feels the trade war pinch.

NuScale Power Investment Narrative Recap

To own NuScale Power today, you have to believe its NRC‑approved SMR design can convert into firm orders and real plants before funding or partner patience runs thin. The sharp share price drop, missed Q3 expectations and insider sales all refocus attention on the same near term catalyst and risk: securing commercially viable ENTRA1 or other projects on schedule while managing dilution and Fluor’s 2026 exit. So far, the core thesis and main risk factors remain materially unchanged.

Against this backdrop, the expanded ENTRA1 framework, including up to 6 GW of potential deployments with the Tennessee Valley Authority and access to investment capital under the U.S. Japan framework, stands out. It directly relates to NuScale’s most important catalyst, because those ENTRA1 projects need to progress from framework and engineering work to firm contracts that can justify ongoing equity raises and the build out of long lead SMR modules.

Yet while the long term clean energy story is appealing, investors should also be aware that NuScale’s dependence on ENTRA1 projects means...

Read the full narrative on NuScale Power (it's free!)

NuScale Power's narrative projects $402.3 million revenue and $42.2 million earnings by 2028. This requires 121.5% yearly revenue growth and a $178.8 million earnings increase from $-136.6 million today.

Uncover how NuScale Power's forecasts yield a $38.35 fair value, a 89% upside to its current price.

Exploring Other Perspectives

SMR 1-Year Stock Price Chart

SMR 1-Year Stock Price Chart

Twelve fair value estimates from the Simply Wall St Community span from US$1.28 to US$38.35, showing very different views on NuScale’s potential. When you set that against the central risk of delayed long term contracts and ENTRA1 commercialization, it underlines why many investors choose to compare several perspectives before deciding how NuScale might fit in their portfolio.

Explore 12 other fair value estimates on NuScale Power - why the stock might be worth less than half the current price!

Build Your Own NuScale Power Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

Curious About Other Options?

Right now could be the best entry point. These picks are fresh from our daily scans. Don't delay:

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include SMR.

Are you a PPL customer? We’re so sorry to be delivering this news during a holiday week, but in case you haven’t heard: PPL Electric has requested a $356.3 million rate increase from the Pennsylvania Public Utility Commission (PUC) which would raise average residential distribution bills by 20%, while lowering rates for big data centers.

This precedent-setting proposal is absolutely absurd. It shifts the burden onto households while giving breaks to large corporations. Your voice matters in stopping this!

The PUC is holding public input hearings Dec. 8–Dec. 15, with in-person options and a call-in option on Dec. 15. These hearings are your chance to tell the PUC how this impacts you and your community. 

We’ve listed the hearings below, but you can also click here for more information about the hearings and to register. We’re happy to provide talking points and support for anyone interested in testifying. Getting involved is easy—and critical. Just reply to this email for our help and we’ll get in touch with you next week! 

 

IN-PERSON PUBLIC INPUT HEARINGS

Monday, December 8, 2025 – 6:00 PM
Scranton University – Brennan Hall, Rose Room (5th Floor)
320 Madison Avenue, Scranton, PA 18510

Tuesday, December 9, 2025 – 6:00 PM
Catasauqua Municipal Building – Borough Hall
90 Bridge Street, Catasauqua, PA 18032

Wednesday, December 10, 2025 – 6:00 PM
Commonwealth of Pennsylvania – Keystone Building, Hearing Room #1
400 North Street, Harrisburg, PA 17120

Thursday, December 11, 2025 – 6:00 PM
Manheim Township Public Library – Morgan Center
595 Granite Run Drive, Lancaster, PA 17601

**Pre-registration is not required for the in-person hearings!

TELEPHONIC PUBLIC INPUT HEARINGS

Monday, December 15, 2025 – 1:00 PM & 6:00 PM
Call-in Telephonic Public Input Hearings
**Pre-registration is encouraged by December 11, 2025.

In order to register to speak at these call-in hearings, you need to call or email Legal Assistant Pamela McNeal’s office: by phone at 215-560-4228 or by email at pmcneal@pa.gov.
Click here and scroll to Page 2 for more info about how to register and what info you need to provide.  Don’t let households pay the price for corporate breaks. Make your voice heard!

 

Warmly,

Shevell Higgs 

Philadelphia Civic Engagement Coordinator

Conservation Voters of Pennsylvania

SUN DAY CAMPAIGN
(founded 1992 
8606 Greenwood Avenue, Suite #2; Takoma Park, MD 20912-6656    
301-588-4741;  sun-day-campaign@hotmail.com    
 
HIGHLIGHTS FROM EIA'S LATEST 
"SHORT-TERM ENERGY OUTLOOK" 
(released December 9, 2025) 
 
 
Notable Quote: “In the Electric Reliability Council of Texas (ERCOT), the fastest growing energy source is solar, which we forecast will grow by 92% between 2024 and 2026.”
 
EIA - Electricity/General: “Between 2010 and 2020, U.S. electricity generation fell by an average of 0.3% per year. Since 2021, electricity generation has grown about 2% per year. … Forecast U.S. electricity generation by the power sector grows by 2.4% in 2025 and by 1.7% in 2026. This growth is … primarily driven by increasing demand from large customers, including data centers, concentrated in regions managed by ERCOT and the PJM Interconnection.”

EIA - Renewables: In 2025, wind is forecast to provide about 10.76% of U.S. electricity generation, followed by solar (6.86%), and hydro (5.66%). In 2024, renewable energy sources (including biomass and geothermal) provided 22.52% of U.S. electricity generation. That is forecast to increase to 23.88% in 2025 and then to 25.38% in 2026. [see Figure 30 below] (Ed. Note: This is interpreted to mean utility-scale generation and not include distributed solar.)

EIA - Solar: “We expect most of the growing electricity demand in the PJM region will be met by growing generation from solar, up 63%, and coal, between 2024 and 2026.”

In 2025, solar-generated electricity is projected to increase by 33.33% over its 2024 level and then by an additional 18.49% in 2026. [see Figure 30 below] (Ed. Note: This is interpreted to mean utility-scale generation and not include distributed solar.)

EIA - Wind: In 2025, wind-generated electricity is projected to increase by 1.33% over its 2024 level and then by an additional 5.68% in 2026. [see Figure 30 below]

EIA - Hydropower: In 2025, hydro-generated electricity is projected to remain essentially unchanged from its 2024 level but then grow by 7.88% in 2026. [see Figure 30 below]

EIA - Battery Storage: Between 2020 and 2024, battery storage capacity increased from 2-GW to 27-GW. In 2025, it is projected to expand to 46-GW and to reach 66-GW in 2026. However, pumped hydro storage is forecast to remain steady at 23-GW. [see Figure 30]

EIA - Biofuels: Total domestic biofuels production will fall from 1.396 million barrels per day (mb/d) in 2024 to 1.378 mb/d in 2025 but rebound to 1.471 mb/d in 2026. Fuel ethanol will grow from 1.056 mb/d in 2024 to 1.067 mb/d in 2025 and to 1.075 mb/d in 2026. Renewable diesel will drop from 0.208 mb/d in 2024 to 0.195 mb/d in 2025 and then increase to 0.260 mb/d in 2026. Biodiesel will fall from 0.109 mb/d in 2024 to 0.078 in 2025 and then rebound a bit to 0.096 in 2026. “Other” biofuels (e.g., sustainable aviation fuel) will expand from 0.023 mb/d in 2024 to 0.038 mb/d in 2025 and then to 0.040 mb/d in 2026 [see Figure 13 and Table 4d in full report]

 

                                     2021          2022            2023            2024            2025            2026
U.S. solar capacity     61,009       72,248         91,648        123,000        148,000       181,000
(megawatts)
 
U.S. wind capacity     132,629     141,275       147,600      152,000        159,000       170,000
(megawatts)
 
SUN DAY Campaign - editorial note: EIA’s latest STEO confirms the SUN DAY Campaign’s consistent forecast of the past three years: utility-scale solar capacity should surpass that of wind at some point (probably mid-year) in 2026. That does not include additional solar capacity provided by small-scale (e.g., rooftop) systems, which EIA says now totals 57.5-GW as of September 30, 2025 [see Table 6.1 in “Electric Power Monthly”].  
 
 
                                                U.S. Renewable Energy Supply [Figure 35]
(Quadrillion Btu)                   
Energy Source             2021                2022                2023                2024                2025                2026
Liquid biofuels           2.331               2.433               2.659               2.803               2.581               2.753
Wood biomass            1.989               2.029               1.969               1.920               1.936               2.047
Waste biomass            0.430               0.412               0.394               0.387               0.374               0.373
Wind power                1.289               1.481               1.436               1.541               1.562               1.652
Solar                           0.627               0.764               0.878               1.100               1.380               1.602
Hydropower                0.858               0.869               0.836               0.829               0.830               0.889
Geothermal                 0.118               0.118               0.119               0.116               0.118               0.118
 
EIA - Nuclear Power: Nuclear power is projected to decline from an 18.84% share of U.S. electricity generation in 2024 to 18.35% in 2025 and dip a bit further to 18.26% in 2026. [see Figure 30]
 
EIA - Natural Gas: “The largest source in [the ERCOT and PJM] regions is natural gas, which we forecast will grow by 2% in both regions between 2024 and 2026.”
 
Natural gas’ share of electrical generation will fall from 42.54% in 2024 to 40.12% in 2025 and then fall further to 39.02% in 2026. [see Figure 30 below]
 
EIA - Petroleum: “Strong global oil production growth has outpaced consumption in recent months, driving our assessment that global oil inventories have risen quickly in the second half of 2025. In 2026, we expect production and consumption to grow at similar rates, but production levels will continue to exceed consumption, further adding to inventories.”
 
EIA - Coal: “We expect coal consumption to total 448 million short tons (MMst) in 2025, a 9% increase compared with 2024. The increase is mostly driven by an 11% increase in coal consumption in the electric power sector this year in electric power consumption in the U.S. - which accounts for approximately 90% of total coal consumption - as both natural gas costs and electricity demand increased.
 
“Coal consumption is expected to fall in 2026 as electric power generation from renewable sources increases. However, coal production falls by less than consumption next year, supporting a small increase in coal exports and rising coal inventories.
 
“We expect most of the growing electricity demand in the PJM region will be met by growing generation from coal - up 23% - and solar … between 2024 and 2026.”
 
*Coal’s share of utility-scale electrical generation will drop from 28.40% in 2018 to 17.04% in 2025 and decrease further to 15.56% in 2026. [see Figure 30 below]
 
Electricity Generation - All Sectors [Figure 30]
(billion kilowatt-hours)
 
Year    Gas       Coal   Nuclear   Hydro   Wind     Solar    Other     Total       RE-%                                                                                    
2020    1.522    0.768   0.790     0.284     0.337    0.089   0.027      3.854     19.12%
2021    1.477    0.892   0.780     0.250     0.378    0.115   0.029      3.958     19.50%
2022    1.583    0.826   0.772     0.254     0.434    0.143   0.030      4.074     21.13%
2023    1.700    0.671   0.775     0.244     0.421    0.165   0.023      4.029     21.17%
2024    1.766    0.648   0.782     0.242     0.452    0.219   0.022      4.151     22.52%
2025    1.707    0.725    0.781     0.241     0.458    0.292   0.025      4.255     23.88%
2026    1.710   0.682    0.800     0.260     0.484    0.346   0.022      4.382     25.38%           
 
----------------------------------------------------------------------------------- 
----------------------------------------------------------------------------------- 
 
CO2 Emissions:  
 
EIA - CO2 Emissions: “We forecast U.S. energy-related CO2 emissions to increase by 1.9% in 2025, followed by a decrease of 1.2% in 2026. This is a change from our November forecast, when we forecast CO2 emissions to decrease by 0.5% in 2026. The lower 2026 emissions estimate in the current forecast is a result of relatively lower anticipated natural gas-fired electricity generation next year.
 
“Our current CO2 emissions forecast for 2025 and 2026 is slightly higher than our initial January 2025 estimates. We expect total CO2 emissions in 2025 and 2026 to be 1.9% and 0.9% higher, respectively, than our January 2025 outlook because coal-fired electricity generation was higher than we expected due to additional electricity demand and natural gas prices. We also now forecast CO2 emissions from natural gas to be higher in both 2025 and 2026 compared with our January forecast.
 
“Emissions increases in 2026 are associated with relatively higher natural gas-fired electricity generation, associated with rising electricity demand for data centers and cryptocurrency mining.”
 
Annual CO2 Emissions [Figure 40]
(million metric tons)
 
Energy Source           2020    2021    2022    2023    2024    2025    2026
Coal                            876      1003    938      776      750      809     778
Petroleum                   2044    2235    2251    2251    2243    2256    2244
Natural Gas                 1653    1656    1748    1764    1790    1810    1794
Total Energy               4584    4906    4945    4799    4792    4883    4823
Hi Friends,

Hope this is helpful. Our attempt to clear up lots of pro-nuclear BS and to alert media, public etc just how rotten Duke Energy’s latest plans are, and that they face opposition yet again. We appreciate all the great work you folks have been doing and circulating, and we’ve drawn from it quite a bit.

Best wishes despite these bizarre times.

Jim

 Duke Energy Plans to Gamble Tens of Billions of Public Dollars and our Climate Future on Failure-prone, Experimental Reactors

National nuclear “relapse” filled with corporate deception, taxpayer subsidies and abuse of monopoly customers; Duke officials quietly cite risk of more failures 65 times

News release and link to letter

 

--

Jim Warren
Executive Director
NC WARN

Nuclear Stocks Crash, With A Potential Payoff Still Years Away

By Alex Kimani - Nov 17, 2025, 7:00 PM CST

  • Uranium prices have surged amid a structural supply deficit and a global policy-driven nuclear revival, but the sector faces long project timelines and mounting volatility.
  • Despite major investment pledges like the U.S.–Canada $80 billion reactor partnership, nuclear and uranium stocks have plunged 15–45% in recent weeks.
  • Investors confront the industry’s slow path to revenue.

Over the past couple of years, uranium and nuclear energy markets have enjoyed a renaissance thanks to surging global power demand and the global energy crisis triggered by Russia’s war in Ukraine. Uranium is no longer trading on legacy sentiment, with prices moving more on fundamentals characterized by tight physical supply, underbuilt production pipelines, and a policy-driven nuclear revival that’s accelerating faster than commodity markets anticipated.

The uranium market is experiencing a structural supply deficit, creating potential challenges for nuclear operators. 

Unlike many commodities, uranium trading usually involves small volumes with specialized participants, making the nuclear fuel susceptible to significant uranium market volatility. Meanwhile, governments across the globe are repositioning nuclear as critical infrastructure rather than transitional tech. Last month, the Trump administration struck a partnership with Canada’s Cameco Corp. (NYSE:CCJ) and Brookfield Asset Management (NYSE:BAM) to build at least $80 billion in nuclear reactors.

However, the harsh reality of the long lead and construction times of nuclear facilities, coupled with the fact that some stocks in the space with zero revenues are in nosebleed territory, has sent the sector into a tailspin. Nuclear and uranium stocks have pulled back sharply from recent highs, with many seeing double-digit losses: the sector's popular benchmark, VanEck Uranium and Nuclear ETF (NYSEARCA:NLR) has declined -16.6% over the past 30 days, at a time when the S&P 500 has gained nearly 3%.

Meanwhile, shares of advanced fission power plant developer, Oklo Inc. (NYSE:OKLO), are down -42.0% over the past month; Centrus Energy (NYSE:LEU) -35.9%, Energy Fuels Inc. (NYSE:UUUU) -33.9%, NuScale Power Corp. (NYSE:SMR) -47.7%, Uranium Energy Corp. (NYSE:UEC) -22.9%, BWX Technologies (NYSE:BWXT) -9.6%, Cameco Corp. (NYSE:CCJ) -6.1%, Vistra Corp. (NYSE:VST) -14.2% and NANO Nuclear Energy (NASDAQ:NNE) -40.2% and NexGen Energy (NYSE:NXE) -7.9%.

The market appears to be waking up to the reality that it could be up to a decade before we start to reap the benefits from the billions of dollars flowing into the sector. Whereas $80 billion can build enough reactors to power Virginia’s Data Center Alley, traditional reactors typically take 10 years or more to build. Meanwhile, the frequently touted small, modular reactors (SMRs) by the likes of NuScale Power, TerraPower and X-energy are still far from going mainstream primarily because the technology is still in early development and faces significant economic and regulatory hurdles. 

While some prototype units are operational in countries like Russia and China, most designs are still in the theoretical or early construction phases. Indeed, NuScale is the first and only U.S. company to have its SMR design certified by the U.S. Nuclear Regulatory Commission. NuScale's SMR features include a factory-fabricated, modular design that is scalable from one to 12 modules, with each module producing 77 MWe of power. Key features are its passive safety systems relying on gravity and convection, flexibility for on-grid and off-grid use, redundancy through independent modules, and a smaller footprint than traditional plants. 

Amazon, on the other hand, has invested in X-energy with the goal of deploying up to 5 GW of SMRs by 2039.

Only Oklo Inc., Kairos Power and TerraPower have begun construction of their SMR plants; however, none have proven they can produce power at a commercial scale nor received regulatory approval to build a commercial system.

There’s a lot going on, and nothing is going on,” BloombergNEF’s head nuclear analyst Chris Gadomski recently quipped.

To exacerbate matters, the markets have bid up these companies to absurd valuations despite many having no revenues to show for their troubles. To wit, Oklo’s market cap has at times exceeded $20 billion, despite the company having no operating reactors, no licenses to operate commercially, and no binding contracts to supply power. Wall Street analysts currently project Oklo will not generate significant revenue until late 2027 or 2028. Oklo’s current market cap is $15.3 billion.

Similar to Oklo, NANO Nuclear Energy currently sports a market cap of $1.6 billion with no revenue, no commercial products, and no commercial operation timeline. Its valuation is purely based on investor optimism about the future potential of nuclear energy, particularly in powering artificial intelligence data centers.

That said, the nuclear sector could see a quicker turnaround from restarting abandoned nuclear plants. Holtec International has laid out plans for its Palisades plant in Michigan to resume service early 2026 while Constellation Energy Corp. (NYSE:CEG) is on track to switch on its Three Mile Island reactor in 2027. Further, NextEra Energy Inc. (NYSE:NEE) recently announced that its Duane Arnold plant in Iowa will come back online by 2029. 

By Alex Kimani for Oilprice.com

@GeorgiaWAND's Kim Scott on the GA PSC's election and why nuclear's high costs should make lawmakers think twice
image.png
 
 

Finally Some Accountability for Georgia’s Costly Nuclear Power Mistake

By Kim Scott

The story of Plant Vogtle’s two new nuclear reactors in Georgia is not a triumph of a “nuclear renaissance”; it’s a cautionary tale written in soaring electric bills and a growing political fallout. The people of Georgia are paying the price, literally, as their utility bills have skyrocketed by over 40% – and now, following last Tuesday’s Public Service Commission election in Georgia, it seems those that allowed this to happen in the first place are starting to feel the pinch as well. It’s about damn time! 

Georgia voters delivered a stunning message by unseating two Republican utility commissioners, Tim Echols and Fitz Johnson, who rubber stamped and championed the costly mistakes leading to a 41% increase in Georgians’ electric bills. This election, which saw Democrats Alicia Johnson and Peter Hubbard championing fair rates, affordability and renewable energy, was a clear referendum on Plant Vogtle’s enormous price tag and more importantly, nuclear power as a not so clean future power resource both here in Georgia and elsewhere. 

The stunning defeat of utility backed incumbents sends a powerful signal to utility regulators nationwide that consumers will not tolerate being forced to pay for multi-billion-dollar nuclear boondoggles. If they aren’t paying attention, Wall Street sure is, downgrading Southern Co.’s stock immediately following the election, citing the increased risk and the new difficulty the company will face in pushing through further rate hikes to pay for Plant Vogtle and other projects in their pipeline. Georgia customers will pay an additional $36 billion to $43 billion over the 60-80 year lifespan of the two Vogtle reactors compared to cheaper alternatives. 

Vogtle stands as the only new nuclear reactor built in the last 30 years, and its fallout offers a bleak prognosis for any supposed “renaissance” and its supporters in statehouses across the country. We can look back to 2017 when the main contractor, Westinghouse, filed for bankruptcy due to the extreme cost overruns at Vogtle. At that critical moment, the Georgia PSC ignored its own staff, energy experts, and public outcry, choosing to burden ratepayers with the project’s continuation.

The consequences of those decisions, subsequent rate increases and soaring electric bills are not abstract—they are impacting the most vulnerable among us and the most overlooked i.e. middle class/working class Georgians. Disconnection rates for the inability to pay have soared by 30% in 2024. For retirees on fixed incomes, the rate increases to pay for Plant Vogtle mean the difference between making ends meet and falling into destitution. This summer, when brutal heat waves descended, vulnerable Georgians had their power shut off, creating life-threatening conditions because they could no longer afford to cool their homes.

The ratepayer backlash in Georgia is also being fueled by the projected massive energy demands of AI data centers, which are forcing utilities like Southern Co. to reckon with costly new generation and transmission projects. Instead of aggressively pushing nuclear power—as evidenced by the Trump administration’s recent $80 billion deal to buy reactors from Westinghouse, the same company bankrupted by Vogtle—we must demand that elected politicians focus on fast and affordable energy solutions like solar and battery energy storage systems. 

The painful lesson learned in Georgia is that new nuclear power is simply too expensive and takes too long. The reality is that for half the cost and in less than a quarter of the time, we could have built more than twice the capacity using solar, wind, or battery storage technologies. But corruption won out and Vogtle is here for the foreseeable future. Georgians will be paying for this mistake for decades to come… I’m just glad there’s finally some accountability headed our way.


Kim Scott is Executive Director of Georgia WAND, is a native Georgian, and has a Chemical Engineering degree from Vanderbilt University in Nashville, TN.

Nuclear’s Costly Comeback Meets Harsh Market Reality

By Leon Stille - Nov 21, 2025, 3:00 PM CST

  • Nuclear power’s “cheap, clean, and secure” promise is breaking down.
  • Small modular reactors (SMRs) remain largely theoretical, with the only advanced U.S. project cancelled over high costs.
  • Renewables and storage now dominate energy economics, offering faster build times, flexibility, and lower prices.

I’ve followed the promise of small modular reactors (SMRs) and next-generation nuclear in several of my earlier pieces on OilPrice. The argument is familiar: nuclear provides low-carbon baseload, ensures energy security, and will one day deliver affordable, clean power. It sounds persuasive, until you look at the numbers. New nuclear remains slow, expensive, and deeply reliant on state support. In today’s European power markets, where renewables are already driving prices to record lows or even negative territory, the idea that nuclear can deliver “cheap and secure” power no longer holds up.

Expensive power disguised as security

Let’s start with the UK. Hinkley Point C, the flagship of the country’s nuclear revival, was only made possible through a 35-year Contract for Difference guaranteeing a strike price of £92.50 per MWh (in 2012 money). That’s roughly double the current wholesale market price, indexed to inflation, and fully guaranteed by taxpayers. It isn’t market competitiveness, it’s a subsidy designed to get the project financed.

Sizewell C will take the same path under a Regulated Asset Base model, transferring part of the construction risk directly to consumers through levies on electricity bills long before a single watt is produced. When “cheap” energy requires that level of public underwriting, something is fundamentally off.

A track record written in red ink

This pattern isn’t unique to Britain. France’s Flamanville reactor, long touted as the EPR showpiece, is over a decade late and has quadrupled in cost to more than €13 billion. Finland’s Olkiluoto 3 only began commercial operations after 17 years of delays and legal disputes. In the United States, Vogtle 3 and 4 finally came online after 15 years and around $36 billion in total costs, double initial projections, with ratepayers footing much of the bill through regulated recovery.

Related: 5 Utility Stocks Outperforming The Market

The nuclear industry’s narrative of reliability is at odds with its delivery record. Projects start with optimism and end with budget blowouts, political fallout, and consumer bailouts.

The SMR Illusion

Advocates often pivot to SMRs as the saviour, the “Tesla moment” for nuclear. I explored that hype in an earlier OilPrice article, noting that SMRs were being promoted as modular, factory-built, and inherently cheaper. Yet so far, reality looks familiar.

The most advanced U.S. SMR project, NuScale’s Carbon Free Power Project in Idaho, was cancelled in 2023 after projected costs rose to $89 per MWh, far above renewables and storage. Other designs remain on paper, heavily dependent on public subsidies or guaranteed offtake. The promise of small reactors may eventually prove out, but at the moment, SMRs are an idea with a press office, not a business case.

The market reality has shifted

Europe’s electricity markets tell the other half of the story. In 2024, countries like Germany, Denmark, and the Netherlands each recorded more than 450 hours of negative day-ahead prices. France saw nearly 360. Across the EU, negative or ultra-low price hours exceeded 9,000 in total.

For inflexible, capital-intensive baseload assets like nuclear, that’s disastrous. These plants can’t ramp down profitably when prices collapse. Their economics depend on constant, high utilization, and that world is disappearing. The more renewables come online, the more volatile the price pattern becomes, with long stretches of near-zero wholesale power. Nuclear simply doesn’t fit this market geometry.

Renewables and storage are doing what nuclear can’t

The contrast is striking. Renewables can be deployed modularly, financed privately, and built within 18–36 months. Utility-scale batteries, once dismissed as expensive, are now scaling at record speed. Europe installed nearly 22 GWh of new storage capacity in 2024, bringing total installed capacity above 60 GWh. Italy’s first grid-scale auction secured 10 GWh of storage at competitive prices, no decade-long delays, no multi-billion-euro risk exposure.

Each incremental gigawatt of storage turns volatile wind and solar into a more stable, dispatchable asset. In that environment, nuclear’s supposed advantage of “firm capacity” starts to look less like a virtue and more like an anchor.

Security means flexibility, not monoliths

Nuclear advocates still frame the argument in security terms, stable, domestic generation insulated from fossil-fuel geopolitics. But in modern energy systems, security no longer means “always-on baseload.” It means adaptability, diversification, and resilience.

A network built from distributed solar, wind, storage, and demand-side flexibility is inherently harder to disrupt. It can absorb shocks, balance local fluctuations, and restart quickly after failures. A multi-billion-euro single-site nuclear facility, by contrast, is a high-value target for cost escalation, technical failure, or even physical risk.

Energy security in the 2020s is about systems thinking, not megaproject symbolism.

The economics of opportunity cost

Every euro sunk into new nuclear is a euro not available for faster, cheaper solutions. A 10 billion-euro reactor might take 15 years to produce its first electrons. The same money could build tens of gigawatts of solar and wind, backed by large-scale storage, grid upgrades, and hydrogen electrolysers to absorb surplus power, all online before the nuclear project breaks ground.

The opportunity cost is immense. Renewable portfolios are now financeable at market rates; nuclear requires a bespoke government rescue package before it even begins.

A niche role, not a blueprint

To be clear, existing reactors that can be safely life-extended make sense. Extending France’s fleet, or upgrading proven units, delivers low-carbon energy at marginal cost. But that’s asset management, not a case for new construction.

Building a fresh wave of reactors on 20-year timelines, in a power market already defined by negative pricing and flexible storage, is a strategic mismatch. Nuclear can remain a niche contributor, but not the foundation of affordable or adaptable decarbonization.

Conclusion: The future has moved on

The myth of nuclear as “secure, clean, and cheap” collapses under scrutiny. It is clean once built, but rarely cheap, and often far from secure when you consider financing and policy risk. Meanwhile, renewables plus storage are delivering real, scalable, market-driven results right now.

We no longer live in a world where the problem is lack of technology. The challenge is choosing the right ones for the energy system we are actually building, a fast, flexible, decentralized grid where adaptability equals security.

Nuclear still has a role in some places. But pretending it will power a new era of cheap, secure energy is not realism, it’s nostalgia.

 

By Leon Stille for Oilprice.com

Pages