Pollutant Valuation Cost Containment Calculation of Damaged Assets Eddie Leung Secured Environment

Successful & Sustainable Adoption of New Technology Law/Government Must Have Enforcement of IP Rights Must Have Social Support Science/ Technology Must Be Viable Business/ Financial Must Be Cost-Effective

Why Is It … That so many disasters end up costing so much more than initially anticipated?? That salvage values end up being so much less than initially anticipated??

Answer Most disasters end up being significantly more costly than initially anticipated, in part, because ex ante (before the fact) analyses fail to include all costs that end up being counted ex post (after the fact). That is, most analyses fail to include all short term AND long term, private AND social costs.

Every Action Involving Pollutants Entails Trade-Offs

Private vs. Social Costs of Responding to Pollutant

Value of Damaged Inventory Salvage Value (e.g., after earthquake damage) = V(Recovered Goods) – C(Recovery) Where C(Recovery) include all (i) short-term and long-term, (ii) private and social costs associated with recovery

Value of Polluted Inventory Value of Damaged or Polluted Goods = V(Recovered Goods) – C(Recovery) – C(Decontamination) Where C(*) include all (i) short-term and long-term, (ii) private and social costs associated with, respectively, recovery and decontamination (e.g., cleanup, process, disposal, liability, compliance, compensation, etc.)

Specific Example: Total Costs of Emergency Coolant Private and Social Short-Term and Long-Term Total Costs associated with Coolant = Cost of Coolant + Cost of Delivery + Cost of Fire Fighting Operation + Cost of Radioactive Air Emission Abatement + Cost of Radioactive Soil Pollutant Decontamination + Cost of Radioactive Water Effluent Processing + Cost of Facility Clean Up + Cost of Facility Decommissioning + Cost of Long Term Monitoring + Cost of Compensation + Cost of Business Interruption + …

ExplosionFire Loss of Control Loss of Coolant Replace Coolant Loss of Power Back up Power Recovery Remediation Evacuation Compensatio n Relocation Temporary Storage Logistics Processing Release Temporary Storage Logistics Processing Disposal Water Soil $/TBq Atmosphere Air $/km² Contaminated $/km³ Contaminated $/m³ coolant

Pathway Spent Fuel Coolant 1.Primary pollutant (radioactivity) contained inside spent fuel pool, no release 2. A loss circulation or coolant will lead to release of radioactivity 3. Added make-up coolant (cost of coolant) will become contaminated with primary pollutant 4. All coolant outside of containment is a release and will required treatment

Total Costs of Nuclear Power Generation: Planned vs. Un-Planned Emergencies