Fw: (CMEP-list) Take Action! Tell Congress to Stop SubsidizingInsurance Costs for the Nuclear Industry!

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----- Original Message -----

From: " Noel Petrie " <npetrie@...>

Sent: Friday, February 15, 2002 2:33 PM

Subject: (CMEP-list) Take Action! Tell Congress to Stop SubsidizingInsurance

Costs for the Nuclear Industry!

Apologies for cross-posting.

Action Alert! Send a fax! Tell Congress to Stop Subsidizing Insurance

Costs for the Nuclear Industry! Oppose Reauthorization of the

Price- Act!

http://www.citizen.org/fax/background.cfm?ID=23 & source=8

The Price- Act

An Insurance Scam for the Nuclear Industry

The Price- Act establishes a taxpayer-backed insurance regime for

nuclear power plant operators that limits their liability in the event of an

accident. The Act will expire in August 2002 unless Congress reauthorizes

it. On November 27, 2001, the House of Representatives passed H.R. 2983,

which extends the Price- Act for another 15 years. In the Senate,

the Democratic energy bill currently includes indefinite reauthorization of

Price-'s Department of Energy provisions. Pro-nuclear Senators are

expected to introduce an amendment to reauthorize the provisions concerning

commercial nuclear activities.

Get the facts!

* Price- was originally enacted in 1957 as a temporary measure to

support the fledgling nuclear industry and was expected to expire after 10

years.

* Reauthorizing the Price- Act would extend this misdirected

economic stimulus program to the proposed " new generation " of nuclear power

plants. Under a grandfathering clause, existing reactors will continue to be

covered even if the Act expires.

* The insurance coverage required under the Price- Act understates

the calculated risk of atomic power, leaving the public inadequately

protected in the event of a serious nuclear accident.

* Most home-owner¡ s insurance policies will not cover damages caused by

nuclear incidents.

* The Price- Act is an indirect subsidy to the nuclear power

industry in terms of foregone primary insurance payments. This distorts

economic viability assessments in the energy sector and gives nuclear power

an uncompetitive advantage over cleaner, safer energy options.

* The Price- Act indemnifies Department of Energy contractors

involved in nuclear incidents even in cases of gross negligence and willful

misconduct. No other government agency provides this level of taxpayer

indemnification to non-government personnel.

http://www.citizen.org/fax/background.cfm?ID=23 & source=8

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