Friday, June 21, 2013

International Comparison of Corporate and Government Liabilities for Nuclear Accidents

I found a good summary of international liability schemes for nuclear accidents.
It was made by the Japanese Atomic Energy Commission Bureau.
So I simply converted the values in Japanese yens to the ones in U.S. dollars.

Table. Corporate and Government Liabilities for Nuclear Accidents
Country Operator's liability (liability) Legal damages Government maximum liability Immunity International treaty
France Limited 600 million F (91,469,410.34 euro) ($118 million) If payment exceeds the legal damages, amount up to 300 million SDR ($459 million) including overseas contribution is guaranteed based on the Brussels Treaty. · Act of combat, act of hostility, civil war, riot
· Unusual, gigantic natural disasters
· Paris Convention
· Brussels Supplementary Treaty
Germany Unlimited 2.5 billion euro ($3.212 billion)
= Liability insurance (approx. 256 million euro) + Fund assurance by the parent company (utility) of the operating company (approx. 2.24 billion euro)
If the above measures fail to work, the government compensates up to 2.5 billion euro ($3.212 billion). · None · Paris Convention
· Brussels Supplementary Treaty
· Joint Protocol
Japan Unlimited 120 billion yen ($1.504 billion) If the payment exceeds the legal damages, aid is given (as needed) · Social convulsion
· Unusual, gigantic natural disasters
Non-member
South Korea · Limited
· 300 million SDR ($459 million)
50 billion won ($44 million) If the payment exceeds the legal damages, aid is given (as needed) · International armed conflict, acts of hostility, civil war, rioting Non-member
Switzerland Unlimited 1.1 billion SF ($1.173 billion) If payment exceeds the legal damages, or the operator's provision does not work, amount up to 1.1 billion SF ($1.173 billion) is guaranteed. · Deliberation or gross negligence of victim · Paris Convention
· Amended Paris Convention (not effective)
· Amended Brussels Supplementary Treaty (not effective)
United Kingdom Limited 140 million SP ($221 million) If payment exceeds the legal damages, the amount up to 300 million SDR ($459 million) including overseas contribution is guaranteed based on the Brussels Treaty. · Act of hostility in the process of armed conflict. · Paris Convention
· Brussels Supplementary Treaty
United States · Limited
· $12.594 billion (Same amount with legal damages)
Approx. $12.594 billion
= Liability insurance ($375 million) + Operator's mutual aid scheme (approx. $12.219 billion)
If the payment exceeds the legal damages, the President submits a compensation plan to the Congress for the Congress to take necessary action. · Act of war CSC (Convention on Supplementary Compensation for Nuclear Damage) (not effective)

Note: Annual average exchange rates in 2012 (World Bank (2013), IMF (2013))
1 U.S. dollar =0.778294Euro

79.790455Japanese Yen

1,126.470826Korean Won

0.937684Swiss Franc

0.633047U.K. Pound Sterling

0.653031Special Drawing Rights (SDRs)

Source for the table:
Atomic Energy Commission Bureau. (2011). Estimation of Accident Risk Cost in Nuclear Power Plants [PowerPoint slides]. Tokyo, Japan: Atomic Energy Commission of Japan. [Full-text at http://j.mp/Atom_Compensation]

Sources for 2012 annual average exchange rates:
(1) Currencies:
World Bank. (2013). Official exchange rate (LCU per US$, period average). Washington, DC: The World Bank. Retrieved June 21, 2013 from http://data.worldbank.org/indicator/PA.NUS.FCRF
(2) Special Drawing Rights (SDRs):
IMF. (2013). SDRs per currency unit for the period January 01, 2012 - December 31, 2012. Washington, DC: International Monetary Fund. Retrieved June 21, 2013 from http://j.mp/SDR_USD_2012

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