Our World

Driving The Economics

At a time when most industries are shedding jobs, we are creating them, as the nuclear energy supply chain expands to meet global demand for equipment and services.

  • Low-cost electricity is the life-blood of economic growth.
  • At just 2.03 cents per kilowatt-hour, nuclear energy is the most affordable electricity that is available 24/7.
  • The U.S. Energy Information Administration projects that America will need 24 percent more electricity by 2035 to meet growing demand.

Nuclear energy has been, and will continue to be, a key element in meeting America’s energy needs. Our country is relying on a diverse set of energy sources that includes nuclear power. Economically and environmentally, nuclear is an imperative in the mix to meet the American appetite for electricity.

Energy Demand

We should plan for our energy future so we are not caught unprepared. As our economy and population grow, reliable and affordable sources of electricity like nuclear energy will be needed.

Nuclear energy helps reduce America’s dependence on foreign energy sources. The Energy Information Administration determined that by 2035, the U.S. will need at least 24 percent more electricity—the equivalent of more than 250 large coal or nuclear power plants.

New, reliable sources of electricity are needed to maintain our economic strength and competitiveness. Nuclear power plants are expensive to build but will provide the lowest-cost electricity for 60 years.

Jobs, Jobs, Jobs—Nuclear Power Has Them!

In a time when America’s focus is on jobs and economic recovery, the nuclear energy sector has become a bright light on the immediate horizon. Despite not building nuclear power plants in more than two decades, the impending retirement of thousands of professionals nationwide has utilities and university engineering programs on high alert for new, youthful talent.

  • The industry began workforce development efforts more than eight years ago to ensure a pipeline of new workers to address retirements and to support new plants. Due to our success in this area, many programs are oversubscribed, and the industry has reached capacity for community college partnerships.
  • NEI, working with the Institute for Nuclear Power Operations (INPO) and our companies, have created a standard nuclear energy curriculum. This is being adopted by 52 community colleges that will train workers who are qualified to join the staff at any nuclear plant. The first class certified in the standard program will graduate this spring.
  • Twenty-eight states have developed programs to promote skilled craft development to support energy infrastructure projects. Eighteen of these programs are in states with nuclear power plants and have nuclear-specific goals.

The need for workforce development is recognized by the federal government. Last year, nuclear energy educational programs received more than $90 million in federal grants for programs ranging from trade skills to graduate research.

http://www.nei.org/financialcenter/economic_benefits_studies/

Each new reactor adds thousands of construction jobs and hundreds of good career-long jobs that will stay in America.

Nuclear energy is an economic success story.

A story all Americans should be part of. One of the great values of nuclear energy is its ability to transform communities with new jobs and economic development.

  • The 104 reactors in operation around the country each contributes an average of $430 million a year in total economic output for their local communities. That money comes in salaries, materials and state and local taxes for better schools, roads, hospitals and other infrastructure.
  • Each plant requires 400 to 700 workers to run it. Additional training for some of those jobs can take as little as two years, with the prospect of an immediate payoff.  Average annual starting salaries in the industry range from $65,000 to $80,000. What’s more, unlike many positions in today’s economy, jobs at nuclear plants can’t be shipped overseas. And the nuclear energy industry is hiring now: nearly 40 percent of the nuclear energy workforce will be eligible to retire over the next five years, meaning the industry will need to hire as many as 20,000 workers to replace those that leave.

These are the jobs of the future.

Powered by a clean energy portfolio, as nuclear power combines with emerging energy alternatives such as solar and wind to produce power that our digital economy demands.

  • But because nuclear plants emit no greenhouse gases or air pollution during the production of electricity, they can produce jobs and energy while protecting our air quality.
  • Work is well underway building two new reactors at near Waynesboro, Ga., the nation’s first advanced reactor technology.  More than 1,500 people already are at work at the state’s largest construction project ever. At peak construction, about 3,500 new jobs will be created, along with up to 800 full-time positions once the reactors are producing electricity.
  • President Obama supported this project earlier this year when he announced a federal loan guarantee that will help Georgia Power gain access to financing for that project at lower rates.
  • Democrats in Congress also support nuclear energy, led by Congressman James Clyburn, a leader within the Democratic party who is also supporting the expansion of nuclear energy’s role in the nation’s electricity mix. They are among several leaders, in both political parties, active in this effort.

It is important to talk about the numerous employment opportunities available in the energy sector, especially in nuclear energy. Expansion within the nuclear sector is creating thousands of U.S. jobs that cannot be shipped overseas. These jobs are permanent and well-paying, with training programs that are preparing the next generation workforce in many disciplines.