Westinghouse Study: Building 10 AP1000s Would Lead to GDP Surge
Constructing 10 large-scale nuclear reactors in the U.S. could generate nearly $100 billion in gross domestic product and support tens of thousands of jobs, according to a new study (NUCNET).
What’s going on: The PwC study, commissioned by Westinghouse Electric Company and released earlier this month, found that Westinghouse’s plans to build 10 of its AP1000 units will have a direct GDP impact of $39.2 billion during construction alone.
- Thereafter, “indirect and induced effects” will add $53.6 billion to the economic impact of the fleet, the combined capacity of which is expected to be 11.5 gigawatts.
- “The study estimates $20.1 [billion] in tax revenues over the construction period.”
Wait, there’s more: Over the operating lifespan of the reactors, which are slated for a 2030 construction start, the cumulative impact rises to $1.03 trillion, according to the study.
- “Over the same period, estimations are also for $329 [billion] in labour income and $271 [billion] in tax revenues.”
The current situation: There are currently six AP1000s operating worldwide.
- Two are in the U.S., at Plant Vogtle in Georgia. They are the only nuclear reactors built in the country in the past 30 years.
Why we need it: “Nuclear power is safe, clean and abundant, and it’s a critical part of a secure, winning energy strategy,” said NAM Vice President of Domestic Policy Chris Phalen. “It’s also an economic powerhouse, as this study shows, and manufacturers support Westinghouse’s plans to build more AP1000s.”