Feb 25th, 2008
Speaking at a Cambridge Energy Research Associates (CERA) conference, the head of one of the biggest power companies in the US warned that without the construction of new coal plants, the country will face energy shortages within 5 years.
Michael Morris, CEO of American Electric Power, warned that if no new coal plants are built, heavy industry will be faced with involuntary power cuts within five years. He specifically noted that natural gas plants alone will be insufficient to meet demand.
At the same conference, CERA associate director of global power Christopher Hansen said that he expects efforts to build at least a dozen new nuclear plants by 2015.
Hansen noted that the costs of nuclear power generation have risen by 75% in only three years, which he attributed directly to the rising costs of steel, concrete and other raw materials.