If you reprocess the fuel, not only does the absolute quantity of waste go down because you’re removing the really high level waste and reusing it, but the waste left over will be back to the level of radioactivity of the original ore within about 1000 years. In addition, you get to reuse a lot of the uranium and plutonium generated, so you don’t need to mine as much.
This is already being done in many countries, including in small amounts in the U.S.
Canada’s CANDU reactor is a good example of a safe, modern reactor. The CANDU uses heavy water as a moderator and a coolant. If cooling systems failed and the water boiled off or leaked out, the reaction would simply shut down.
In addition, the use of heavy water means that the CANDU can burn natural uranium - it doesn’t even have to be enriched. In addition, it can burn spent fuel from light-water reactors, extracting about 45% more energy from them and reducing the level of the worst radioactive compounds by a similiar amount. The CANDU can also burn plutonium from nuclear warheads, making it useful in non-proliferation.
Canada’s last CANDU reactor built at the Darlington power station in Ontario went way over budget - entirely due to continuous legal challenges and delays imposed by anti-nuclear activists. During that same period, Canada built a CANDU reactor in China - on time, and on budget. The difference was that the Chinese didn’t allow delays and legal challenges. In fact, Atomic Energy Canada has built 7 CANDU reactors for other countries since 1995, and every one of them finished on time and on budget. It’s only in North America that we allow the kinds of endless legal challenges and regulatory changes that ensnare nuclear power plant construction and drive up the costs.
CANDU reactors can also burn thorium, which expands the amount of mined fuel available to them by a large amount.
There are 45 CANDU reactors currently in service - with a perfect safety record. Six more are currently under construction in India and Romania.
Here in Alberta, we recently approved the construction of a 2.2 GW CANDU reactor just north of Edmonton. It’s slated to go online by 2017. I’ll live right near it, and I’ve got absolutely no problem with that.
How much would it cost? The new Advanced CANDU reactor has a construction cost of around 4 billion dollars. It puts out about 1 GW of power, with a 90% duty cycle, and has a lifespan of 60 years.
To give you an idea of how solar and wind stack up to this, three of these CANDU reactors, at a total cost of 12 billion dollars, could replace all the power generated by every wind and solar farm in the U.S.
About 100 such reactors, at a cost of about 400 billion dollars, could supply as much energy as all the oil imported from the middle east, every year, for the next 60 years.