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I am delighted to be in Nice and to address this session of the European Nuclear Congress. It is only fitting that we are talking about nuclear energy's future here in France—a country where this industry has deep roots ... beginning with the work of Henri Becquerel and Marie Curie. Today, the precedent set by these pioneers continues with the success of France's ambitious nuclear energy program.

This enterprising spirit is the focus of my remarks this afternoon.

As I have said a number of times in the past year, the future of nuclear energy is brighter than ever. Especially, I believe, in the United States.

My optimism stems from three developments.

The first is deregulation of the U.S. electric generating industry. I am convinced that with the introduction of retail competition, many ... if not most ... nuclear plants will be highly attractive assets.

The second reason for my optimism: the growing concern about greenhouse gas emissions and other air pollutants ... and the fact that nuclear plants are emission-free.

The third reason I'm optimistic involves nuclear waste disposal. Despite the long, difficult road we've traveled in the United States, I see signs of progress.

Allow me to elaborate on these points of optimism.

First, I would like to discuss the impact of deregulation. A few years ago, many analysts forecast that the remaining debt on nuclear power plants would make them too expensive to compete with coal- and gas-fired generation. In reality, though, invested costs will be covered ... and the basis of competition will be the marginal costs of production.