Nuclear energy’s resurgence offers global opportunities to domestic firms, but navigating the international market can prove challenging.  New congressional legislation took away one of those challenges this winter and, in the process, could spur job growth in the nuclear industry.

Tucked into the 310-page bill, signed by President Bush in December, is a provision that reduces the risk for U.S. suppliers engaged in international markets.  The legislation, called the Energy Independence and Security Act (H.R. 6), also authorizes a program supporting clean and efficient energy technology exports, including nuclear technology.
John Fees, chief executive officer at the Babcock & Wilcox Co., said the bill would spur growth in U.S. manufacturing for new international commercial nuclear plants, create highly skilled jobs across the United States and provide American companies and workers access to global markets long dominated by foreign competitors.  “This new legislation includes a significant provision to advance safe and emission-free, American-built nuclear power into key international energy markets,” Fees added.

The legislation approved the Convention on Supplementary Compensation for Nuclear Damage, agreed to during international talks in 1997.
“The convention will provide a predictable liability framework for domestic nuclear suppliers doing business overseas.  It is patterned after the proven model of the Price-Anderson Act that 50 years ago authorized an industry-funded liability insurance pool,” said Marvin Fertel, chief nuclear officer at the Nuclear Energy Institute.

“Because the U.S. nuclear energy industry prides itself on operational excellence, evidenced first and foremost by an absolute commitment to safety, we believe it is immensely important that a strong liability framework be in place worldwide.  The Convention on Supplemental Compensation helps significantly in that regard,” Fertel noted.

The provisions will enable U.S. suppliers to take advantage of global demand to contribute to the country’s economy—namely by creating jobs.  “This holds the potential for job creation here in the United States as an increasing number of countries look to nuclear energy to help meet rising electricity demand with a clean-energy technology capable of reliably producing large supplies of electricity without emitting greenhouse gases into the atmosphere,” Fertel said.

The provision facilitates U.S. participation in a global system to provide a predictable legal framework necessary for nuclear energy projects and to ensure prompt and equitable compensation in the event of a nuclear power facility incident.

The bill also includes other industry-related provisions on the export of clean-energy technologies.  It creates a federal export assistance program for clean and efficient energy technologies, including nuclear power.  The legislation will assist U.S. companies that provide components and services to the worldwide industry.