Few topics have divided public opinion in the way that nuclear power has. Proponents are quick to tout its low greenhouse gas emissions, and the opportunities it provides to cut dependence on imported fossil fuels. To the sceptics, it is expensive, requires overly complicated technology, and involves significant safety risks. Indeed, the catastrophic accidents in Fukushima in 2011 and Chernobyl in 1986 have cast a long shadow over the sector, despite nuclear technologists’ insistence that these were 'black swan' events.
For investors, the industry also presents a dichotomy. No other power source simultaneously presents so many advantages and shortcomings, making it difficult for them to assess. “Nuclear, at least to date, is one of the very few sources of energy that isn’t intermittent and is largely available, low-carbon and economic,” says Eric Cochard, head of sustainable development at Crédit Agricole Corporate & Investment Bank (CIB). “It has hugely positive aspects, but also very significant drawbacks, from the security of the technology to waste management.”
