Two-and-a-half years after the tsunami-induced triple meltdown at Fukushima, Japan’s once-vaunted nuclear industry remains a shambles. Just two of 50 reactors are operating. The effort to decommission the stricken Fukushima plant continues to resemble an episode of the Keystone Kops. A rat gnawed through a cable, causing a dangerous power outage. In July, after months of obfuscation, Tokyo Electric Power, the semi-nationalised operator, admitted the plant was leaking radioactive water into the ocean. This month the government stepped in to contain the leak with an untested process to freeze the ground around the plant. Current estimates suggest it will take decades and cost more than $10bn to decommission Fukushima. So much for cheap nuclear fuel.
There are lessons for other countries’ nuclear industries. For too long, proponents of nuclear power have underestimated the cost of generation by playing down important expenses, not least the disposal of spent fuel. The economics of the industry have been further eroded by the shale gas revolution.
In Japan, if there is a smidgen of consolation, it is the role of the newly established Nuclear Regulation Authority. The former regulator was part of the trade ministry, a strong advocate of nuclear power, and seemed more concerned about helping the industry cover up accidents than about ensuring safety. The new regulator has been tougher. It exposed the leaks at Fukushima and has resisted pressure from politicians and big business to reopen reactors until safety can be assured.