What are the costs and benefits of the NRCs’ safety regulations? It’s a question we regularly ask as one way to make sure our regulations make sense.
We’re in the process of updating two cost-benefit guidance documents — NUREG/BR 0058 and NUREG/BR 0184 – at the direction of the Commission and after receiving public input. Our update plan is now available online. Our goal is to make sure we are using the right tools to compare costs and benefits so we implement changes that reduce risks and enhance safety in a responsible way.
The updated guidance will do a number of new things. It will include the cost for replacing the energy generated by nuclear power plants. It will also improve the method for putting a dollar amount on health impacts from radiation. We’ll revise terms and definitions for consistency across the agency, and we’ll look at how we use more subjective factors in cost-benefit assessments. We expect these changes will bring our cost-benefit process up to date and help us make more consistent decisions for reactors as well as other licensed activities.
NRC staff experts have been working on this in response to the Commission’s direction for a paper on our approach to considering the economic consequences of a potential nuclear accident. The Commission was responding to the staff’s August 2012 paper and recommendations, which were based on a review of the agency’s economic consequences process in place at the time of the 2011 Fukushima accident. The 2012 staff paper described where considerations of economic consequences fit in the NRC’s review of new reactor licenses, renewal of existing licenses, or major changes to our safety regulations. That earlier paper recommended updating the cost-benefit guidance used to perform these analyses.
In the plan to update cost-benefit guidance, we’ve committed to presenting any identified potential policy issues to the Commission for its consideration. As the staff further develops these potential policy issues, staff will hold public meetings to receive feedback from industry and members of the public, before advising the Commission.