Energy Infrastructure Needs and the Future of Nuclear Power: Insights from Mike Morris, CEO of American Electric Power

Strategic Insights -

As the head of one of the nation's largest generators of electricity, Mike Morris, CEO of American Electric Power, emphasized the importance of a diverse energy infrastructure and the role of nuclear power in the future. Morris stressed that nuclear power will continue to be a significant player globally, with 60 new stations being built, and that the United States will also pursue nuclear energy. However, Morris acknowledged the challenges posed by nuclear waste, highlighting the need for a comprehensive solution to this issue.

Key Takeaways:

  • Nuclear power will continue to be a significant player globally, with 60 new stations being built.
  • The Nuclear Regulatory Commission has stated that lessons can be learned from the Japanese nuclear accident, and the US will move forward with nuclear energy development.
  • High-level nuclear waste is a significant barrier to the development of new nuclear power plants, with many states requiring solutions to this issue before new plants can be built.
  • American Electric Power is moving forward with the development of ultra-supercritical coal plants and combined-cycle natural gas plants, due in part to the low cost of shale gas.
  • Morris emphasized the need for a comprehensive solution to the issue of nuclear waste, including disposing of waste and developing new technologies for its management.
  • The price points for solar energy remain high, at 20 cents per kilowatt-hour, compared to 2-3 cents per kilowatt-hour for coal power.
  • Morris advocated for a standard for clean energy, as well as investment in the high-voltage transmission grid necessary to facilitate the widespread adoption of renewable energy sources.
  • The electric industry has previously fought natural gas due to high prices, but with the advent of shale gas, prices have dropped significantly, making natural gas a more attractive option.

Statistics:

  • $15 billion has been paid by consumers to the government to develop yucca mountain, but the government has not completed the project.
  • 11,000 miles of pipelines have been built in the last decade.
  • 600 miles of high-voltage transmission have been built in the last decade.
  • The price of natural gas is currently $4 million BTUs.
  • The price point for nuclear power is significantly higher than natural gas.

Sources:

  • Bloomberg TV: "Mike Morris, CEO of American Electric Power, talks about energy at Bloomberg TV March 22, 2011"
  • Bloomberg News: Carlin Massar, Matt Miller, Mike Morris (CEO of American Electric Power)
  • American Electric Power: Mike Morris (CEO)