Thursday, October 30th8.7°C
23696
22916

Government set to raise civilian liability to $1 billion for nuclear operators

OTTAWA - The Conservative government is poised to introduce legislation that will raise the liability for civilian damages for nuclear operators to $1 billion from the current $75 million.

The Canadian Press has learned that will be included in an act Natural Resources Minister Joe Oliver will introduce in the Commons today to improve offshore energy safety and security along with nuclear security.

The move is part of an orchestrated government effort to get ahead of widespread environment concerns about Canada's energy regulation.

The new bill will conform to an international nuclear accord on supplementary compensation and will allow Canada to ratify the convention it signed late last year.

Since the devastating meltdown of the Fukishima Daiichi nuclear plant in Japan almost three years ago, fears have been raised that Canada's nuclear industry is not properly indemnified against catastrophic accidents.

The new legislation will expand the range of damages that can be claimed and will triple to 30 years the length of time a person can wait to make a claim for latent illnesses.

The bill will also set up a quasi-judicial claims tribunal, if needed, to help speed up damage claims in the event of an accident.

Only half the billion-dollar liability coverage for nuclear operators will have to be covered using traditional insurance. Operators will be allowed to put up other forms of financial security for the remaining $500 million.

And the government of Canada will provide some of the coverage for lower-risk nuclear facilities, such as smaller research reactors.

The Fukushima meltdown was caused by an earthquake and tsunami in March 2011 that has resulted in the complete shut-down of Japan's nuclear reactor fleet.

Japan's National Institute of Advanced Industrial Science and Technology has estimated it will cost at least US$31 billion over 30 years to clean up the site, and could cost as much as $58 billion.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14458.69-68.88
S&P CDNX771.65-9.42
DJIA17195.42221.11
Nasdaq4566.138+16.912
S&P 5001994.65+12.35
CDN Dollar0.8925-0.001
Gold1198.30-0.2999
Oil80.65-0.25
Lumber322.40-1.20
Natural Gas3.715+0.066

 
Okanagan Companies
Pacific Safety0.11+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.150.00
Cantex0.045-0.015
Anavex Life Sciences0.1711-0.0089
Metalex Ventures0.0350.00
Russel Metals32.22-0.35
Copper Mountain Mining1.97-0.05
Colorado Resources0.14+0.005
ReliaBrand Inc0.012-0.004
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.375+0.005

 





FEATURED Property
180350220 - 180 Sheerwater Court, Kelowna, BC
10088870 bedrooms
$799,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Empty nesting: financial issues

Now that the children have ‘left the nest’, it is a good time to step back and take stock of your financial situation. Being on your own will probably cut household costs to some extent, b...


Keep your haunted home safe

Eerie sounds, spooky lights and Jack-o’-lanterns aglow—extra efforts at Halloween will keep visitors coming back for both tricks and treats. However, to keep the fun going, it’s imp...


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...

_








Member of BC Press Council


22632