December 2016 Current Affairs

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India’s nuclear power agency clears insurance for reactors

India’s nuclear power agency clears insurance for reactors
25 April 2016 Current Affairs: Nuclear Power Corporation of India Ltd (NPCIL) has proposed to insure its nuclear assets, including the ‘nuclear island’ that holds core reactors.There also have been efforts by NPCIL to insure assets without the required survey for operational risks but insurance companies have not responded to this call, said an official.Analysts also say, due to the very high liability in case of an accident, that insurance companies do not want to insure nuclear assets without due diligence. Also, due to the high risk involved, nuclear insurance pools have evolved internationally that collectively reinsure the nuclear assets. The concept of insuring nuclear assets is prevalent among countries where dependence on nuclear energy is considerable. Highly specialised nuclear risk underwriters inspect the facilities to ascertain the risks.

In America, there is a law enacted in 1957, known as the Price-Anderson Act. It was designed to ensure adequate funds would be available to satisfy the liability claims of members of the public for personal injury and property damage in the event of a nuclear accident. "The legislation helped encourage private investment in commercial nuclear power by putting a cap on the total amount of liability each holder of nuclear plant faced in the event of an accident. Today, the limit of liability for nuclear accident has increased the insurance pool to $12 billion.

Though NPCIL is the only nuclear operator in the country, India has a target of 63,000 Mw of energy from nuclear sources by 2032, of which 4,000 Mw has been achieved. While only 2.5 per cent of the installed power capacity in the country is through nuclear sources, nuclear energy constitutes just one per cent of the country’s primary energy mix.

 


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS




October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
NEWS
25 AUG
NEWS



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