Nuclear Regulation: NRC's Assurances of Decommissioning Funding During Utility Restructuring Could Be Improved

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A chapter report issued by the General Accounting Office with an abstract that begins "In most of the requests approved by the Nuclear Regulatory Commission (NRC) to transfer licenses to own or operate nuclear power plants, the financial arrangements have sought to ensure that adequate funds will be available to decommission those plants. However, when new owners proposed to continue relying on periodic deposits to external sinking funds, NRC's reviews were not always rigorous enough to ensure that decommissioning funds would be adequate. Varying cleanup standards and proposed new decommissioning methods introduce additional uncertainty about the future costs of decommissioning ... continued below

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United States. General Accounting Office. December 3, 2001.

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Description

A chapter report issued by the General Accounting Office with an abstract that begins "In most of the requests approved by the Nuclear Regulatory Commission (NRC) to transfer licenses to own or operate nuclear power plants, the financial arrangements have sought to ensure that adequate funds will be available to decommission those plants. However, when new owners proposed to continue relying on periodic deposits to external sinking funds, NRC's reviews were not always rigorous enough to ensure that decommissioning funds would be adequate. Varying cleanup standards and proposed new decommissioning methods introduce additional uncertainty about the future costs of decommissioning nuclear power plants. Changes to the Financial Accounting Standards Board's financial reporting standard will require, for the first time, owners of facilities that require significant end-of-life cleanup expenditures--such as nuclear power plants--to consistently report estimated decommissioning costs as liabilities in their financial statements. However, the new accounting standard is not intended to, and will not, establish a legal requirement that these licensees set aside adequate funding for decommissioning costs."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • December 3, 2001

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  • June 11, 2014, 5:03 a.m.

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United States. General Accounting Office. Nuclear Regulation: NRC's Assurances of Decommissioning Funding During Utility Restructuring Could Be Improved, report, December 3, 2001; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc291721/: accessed August 20, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.