Japan’s nuclear reactors to go online this summer

Government agency claims Japan can save up to US$20 billion by restarting half its nuclear reactors.

The Institute of Energy Economics, Japan or IEEJ recommends that nuclear plants deemed safe by the Nuclear Regulation Authority, the nuclear regulator, should be steadily restarted. IEEJ is overseen by the Ministry of Economy, Trade, and Industry,

IEEJ said that even if only half of Japan’s 52 reactors were restarted, energy costs could be slashed by as much as 30%, amounting to savings of US$20 billion by 2014. All but two of Japan’s reactors have been shut down pending safety inspections in the wake of the Fukushima nuclear disaster of 2011.

The government has tried to fill in the energy gap with more financially and environmentally costly alternatives such as fossil fuel and liquefied natural gas.

An IEEJ official warns of a potential economic catastrophe if Japan does not return to nuclear power. The pro-nuclear energy government of Prime Minister Shinzo Abe is trying to reverse the previous government’s commitment to eliminating nuclear from Japan’s energy mix by 2040.

Nuclear reactors might be restarted as early as summer this year once the NRA’s more stringent regulations have been approved.

In 2011, Japan posted its first trade deficit in 31 years as energy imports soared following the shutdown of nuclear power plants after the Fukushima disaster. In 2012, that deficit was 1.7 times higher.