Why are nuclear power plants so difficult to finance, and who ultimately pays when megaprojects run late or over budget? Chris Keefer is joined by returning guest Michael Seely, The Atomic Blender, for a deep dive into the capital costs, construction risks and financing structures that determine whether nuclear projects move forward or collapse. They examine the troubled European EPR experience at Olkiluoto, Flamanville and Hinkley Point C, where delays and cost overruns repeatedly pushed risk back onto reactor vendors and national governments.

The conversation then turns to Sizewell C’s regulated asset-base model, which allows investors to earn returns during construction while shifting more risk onto ratepayers and the British state. Chris and Michael also explore Vogtle, VC Summer, NuScale and UAMPS, asking whether private capital can realistically finance new nuclear construction, why government guarantees remain essential, and whether nuclear power should ultimately be treated less like a merchant investment and more like long-lived public infrastructure.

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