Price-Anderson Act


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Price-Anderson Act

Legislation in the United States seeking to incentivize nuclear power by limiting the liability of nuclear plants in the event of an accident. Under the Act, the nuclear power industry is responsible for the first $10 billion of damages resulting from a spill or other accident, while the federal government is responsible for any losses exceeding that amount. It was passed in 1957 and has been renewed several times since.
References in periodicals archive ?
District Judge Audrey Fleissig, sitting in the Eastern District of Missouri, found that prior cases interpreting the Price-Anderson Act (42 U.
Price-Anderson Act lends itself to interesting observations.
The US had to draft the Price-Anderson act to protect the industry from large-scale nuclear accidents.
Much of that is due to the structure of the 51-year-old Price-Anderson Act, the federal law governing liability for the U.
In 1954, the Atomic Energy Act Amendments created a licensing system for private nuclear power operators, and in 1957, Congress passed the Price-Anderson Act, which indemnifies private operators in the event of a nuclear accident.
DOE nuclear workers are protected under the Price-Anderson Act.
The government also enacted the Price-Anderson Act of 1957, requiring nuclear power operators to carry the maximum insurance offered by private insurance companies but also limiting their liability--a stipulation demanded by the utility companies before they would invest in building nuclear power plants.
Instead, the 1957 Price-Anderson Act provides an umbrella of insurance protection.
7 billion in operating aid (including re-authorization of the Price-Anderson Act, which limits the industry's liability in event of an accident), and $1.
To ensure that funds would be available to settle liability claims in such cases, the Price-Anderson Act requires licensees for these plants to have primary insurance--currently $300 million per site.
For electric production, liability for damages to the general public from nuclear accidents is controlled by the Price-Anderson Act, an important system that is the basic financial responsibility funding mechanism for all U.