| Economics of Nuclear Energy | | | | engines and power plants, man later discovered fossil |
| Introduction: | | | | fuels and for a long time he has relied on the fossil |
| Nuclear energy provides approximately 16% of the | | | | fuels, however these fossil fuels have become |
| worlds energy requirements, nuclear energy was | | | | scarce and their cost has become too high, we |
| discovered by Henry Becquerel a French physician in | | | | expect to find a substitute for fossil fuels and the |
| 1896, however the first successful nuclear plant was | | | | substitute is here, nuclear energy, soon we will |
| in 1938, nuclear energy production can be by two | | | | experience a change in the source of energy, in the |
| methods namely nuclear fission which involves splitting | | | | near future man will rely on nuclear energy and |
| the atoms nuclei and the nuclear fusion involves | | | | discard the use of fossil fuels. |
| joining an atoms nuclei. | | | | There has been late discoveries that Fusion reactors |
| The production of nuclear energy is based on the | | | | have less disadvantages than the fission reactors, |
| physics formula E = mc2 where E is energy, M is the | | | | however the two method are used today in |
| mass and C is the speed of light, however only | | | | producing nuclear energy, however in the near future |
| uranium and plutonium are used to produce nuclear | | | | we expect to discover better methods of nuclear |
| energy | | | | energy production, this will be the starting point of |
| Advantages of nuclear energy: | | | | the nuclear age when people will learn to live with |
| Nuclear plants produce high levels of energy | | | | uranium and plutonium. |
| compared to those that use fuel and coal, the | | | | First world country governments are opposed to the |
| energy produced by a million barrels of fuel could be | | | | use of nuclear energy by developing countries, the |
| produced by only one tonne of uranium, therefore | | | | reason for this is due to security issues, the |
| this means of power production could be more | | | | government fear that terrorism may rise and |
| economical to resources whereby we will have to | | | | become more vulnerable due to the availability of raw |
| use just a few tonnes of uranium for energy rather | | | | material used in making bombs, however some |
| than use billion barrels of fossil fuels. | | | | countries feel that this is a way that restrict them |
| Disadvantages: | | | | from attaining high levels of economic growth, the |
| Uranium is itself a health hazard and also its bi | | | | developing countries feel that the first world |
| products, it is a radio active mineral and therefore | | | | economies do not want to loose their export levels |
| may turn to a be a health hazard to the population if | | | | of fossil fuels because once the developing countries |
| it is not well handled, it would therefore be very risky | | | | adopt the nuclear reactors they will demand less |
| for developing countries to set up this plants due to | | | | fossil fuels and will not import the fossil fuels. |
| the fact that they are not capable of dealing with | | | | However some developing countries accept the fact |
| disaster and protective measures. | | | | that the nuclear plants are hazardous and opt not to |
| Nuclear energy production is economical in that only a | | | | adopt them due to environmental hazards associated |
| few resources are used in production of mass | | | | with them and also security issues. Another |
| energy, despite the high cost of setting up the plants | | | | underlying factor against the implementation of |
| developed countries should tap this resources to | | | | nuclear plants in developing countries is the availability |
| attain high economic growth, this would aid in the | | | | of the raw material uranium; most developing |
| preservation of the environment and also this would | | | | countries have very few resources and lack the |
| work as a substitute to fossil fuels whose global | | | | means, resources, research breakthrough and |
| prices keep fluctuating upwards. Therefore the plants | | | | expertise to undertake such useful projects. |
| should be set up as a way of realizing economic | | | | Scientist perspective on nuclear energy: |
| advantage due to the low costs of production, also | | | | Scientist promise better and safer nuclear energy in |
| mineral deposits in this countries may be in abundant | | | | the near future, however the present plants when |
| than the fossil fuels and therefore they should be | | | | well and properly maintained and run are safe to the |
| tapped. | | | | environment and to the entire population, in the |
| In developing countries the nuclear energy may be | | | | future scientist promise a complete substitution of |
| far too expensive to utilize, further the mineral | | | | fossil fuels with nuclear energy, the reason for this is |
| deposits may be far more expensive to extract and | | | | that in the past people were afraid that gasoline was |
| this would mean high production costs, low income | | | | flammable and could catch fire easily, today we are |
| countries may not be in apposition to coupe with | | | | at the same position we are afraid that nuclear |
| disasters such as melt down and this would mean | | | | energy sources such as uranium may explode or |
| endangering lives of the entire population in these | | | | cause health hazards, we expect all this to be |
| countries, also the technology used to extract the | | | | resolved in the future and we will utilized these cheap |
| energy requires that the uranium plant is highly | | | | and reliable resources that in abundant due to the |
| maintained and protected which may be very | | | | fact that they have not yet been exploited. |
| expensive for the developing countries that lack the | | | | Conclusion: |
| expertise and resources. Therefore the developing | | | | Despite the risks associated with the extraction and |
| countries should not attempt to tap these resources | | | | production of nuclear energy people must learn and |
| otherwise this would mean endangering lives due to | | | | know how to leave with these hazards, nuclear |
| radioactive exposure, security issues should also be a | | | | energy will become our future energy source and |
| concern in that setting up mines would mean access | | | | any country that will not adopt this means will lag |
| of raw material to terrorist used in making bombs. | | | | behind in economic development, scientist promise |
| The Future of nuclear energy: | | | | better methods of production of nuclear energy in |
| In the past man used resources such as coal to | | | | the near future, however its very risky in the |
| produce energy which was used in iron mines, steam | | | | present time to extract these energy. |