“Nuclear Nightmare,” screamed the headline in Time magazine on April 9th 1979. One of the two reactors at a nuclear-power plant at Three Mile Island in Pennsylvania had suffered an accident. The governor ordered an evacuation of all vulnerable people within five miles of the plant as radioactive gas escaped.
In the end, the accident resulted in no injuries or loss of life. Two decades later, The Economist visited the Pennsylvania hinterlands and found the second, unproblematic reactor still running well and enjoying strong local support. It cranked out power until it was mothballed in 2019 owing not to safety concerns but to competition from cheap shale gas.
Now Three Mile Island is coming back from the dead. On September 20th Microsoft, a tech giant, and Constellation Energy, the utility that decommissioned the trouble-free reactor, signed a deal to return it to service. The utility will spend about $1.6bn to restore the plant by 2028. Microsoft will then buy its carbon-free power for the next 20 years.
Great look at how Big Tech is leveraging its market power and analytics to shift more project risk onto renewable energy developers:https://t.co/n3MsUpHbnj
— Lee Harris (@leee_harris) October 8, 2024
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