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History
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Price-Anderson Act
Selected References

> Background on the Price- Anderson Act

> Price-Anderson Act Task Force Website

> NEI Fact Sheet

> GAO Report on Nuclear Regulation

> Price-Anderson: Pro & Con

> CATO Institute: Price- Anderson Act

> US DOE: Price-Anderson Enforcement

> Public Citizen: Price-Anderson Act

> Wikipedia: Price-Anderson Act

 

 

 

 

 

ANI's origins go back to 1957, when the U.S. Congress enacted the Price-Anderson Nuclear Industries Indemnity Act as an amendment to the Atomic Energy Act of 1954. Its purpose was to encourage the commercial development of nuclear energy. 

This Act established a unique framework for handling potential liability claims that could arise in the event of a nuclear incident. This framework requires that the operators of nuclear power plants provide financial protection against liability for bodily injury or property damage caused by the nuclear energy hazard. The amount of financial protection required by the Act is equal to the maximum amount of liability insurance available from all private insurance sources.

At the same time, Congress encouraged the insurance industry to develop a way that power plant operators could meet their financial protection responsibilities. Insurers rose to the occasion by creating American Nuclear Insurers.

Today, much of the financial protection is provided by the U.S. property and casualty insurance companies who are members of ANI. They represent some of the largest insurers in the country. The total amount of funds pledged by these companies in support of our insurance is called "capacity." Capacity is also provided by numerous reinsurers around the world, many of whom are themselves pools that underwrite nuclear risks in their own countries.

The Future

The nuclear power industry has undergone significant changes in recent years.  Several formerly regulated nuclear power plants have been established as wholesale generators, ultimately vying with other providers to sell their electricity at a competitive price. These generators must continue to improve the economic performance of their nuclear plants, while maintaining appropriate levels of security and safety.  Initiatives have been undertaken to reduce operating and maintenance costs and to address the high capital costs associated with nuclear plants.  Security, which was already very tight, has been substantially enhanced since September 11, 2001. Today, nuclear facilities are some of the most secure industrial facilities in the United States.

The success of these initiatives has led several plants to seek license extensions beyond their normal operating tenures.  Several plants already have received extensions.  This is a development unheard of just a few years ago, when many financial analysts and energy experts were predicting an early demise for nuclear power.

Overseas, nuclear power continues to be a significant source of electricity.  Several power reactors are in various stages of construction in foreign countries and will reduce further the world’s reliance on fossil fuels.

In its fifty year history, nuclear energy has provided an important source of electricity. It produces no “greenhouse” gases and no acid rain. In the U.S. alone, nuclear power has avoided the emission of millions of tons of sulfur dioxide and nitrogen oxides, and billions of tons of carbon. It has also displaced huge amounts of oil, coal and natural gas. Perhaps most importantly, electricity both here and abroad has been produced efficiently, reliably and safely.

Nuclear power’s proven track record points to an important and continuing role in assuring the world’s energy future. ANI fully intends to respond to the continuing future insurance needs of the worldwide nuclear industry. In so doing, we expect to continue providing our member companies and reinsurers with solid financial gains. 

 

© 2009 American Nuclear Insurers. All rights reserved.

 

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