Isuru Seneviratne, Co-Founder of Nuclear NY - April '23
Isuru Seneviratne, Co-Founder of Nuclear NY
Isuru Seneviratne, a major activist for nuclear energy in New York state.
meet the New york investor who is going all in on Nuclear
An energy investor since 2004, Isuru Seneviratne began investing in nuclear energy after research led him to believe it is the “most sustainable, reliable source of energy to unlock human prosperity.”
Seneviratne heads Radiant Value Management which pursues energy resources and technology, and he co-founded Nuclear NY, which acted as the leading activist voice against the closure of the Indian Point nuclear plant.
Discovering nuclear power had the lowest impact on resource and land usage, safety impact, and above all climate, helped convert Seneviratne into an activist and nuclear investor in 2016, he said.
Nuclear New York was formed in 2019 in an attempt to save Indian Point. The plant comprised 40% of New York state’s nuclear fleet and 80% of downstate New York’s carbon-free energy. Governor Cuomo aggressively pushed for the closure, citing safety concerns with New York’s large population nearby.
While Nuclear NY, who protested in Times Square with banners that said “Nuclear Energy is Clean Energy”, failed to save the plant, Seneviratne said they helped change public opinion and the narrative around nuclear energy.
The group helped voice a pro-nuclear sentiment largely absent in coverage of the plant before its formation, Seneviratne said.
One of Nuclear NY’s greatest achievements, according to Seneviratne, is the policy brief “Bright Future: A more Reliable and Responsible Climate Plan for New York”, a collaboration with Clean Energy Jobs Coalition New York, representing 270,000 union workers, and Campaign for a Green Nuclear Deal.
The groups successfully convinced the New York State Energy Research and Development Authority to write a summary in November 2022, concluding nuclear power will save money, resources, and land, and the grid will be more reliable.
Seneviratne, at the podium far right, moderating a discussion on the future of nuclear energy in Oswego, New York state. The discussion followed Oliver Stone’s documentary Nuclear Now. Among the panelists were NYS Assembly leader William Barclay, Oswego County Administrator Phillip Church, and from organized labor, Jason Mason of the North Atlantic States Regional Council of Carpenters. The discussion occurred on June 22, 2023. (Photo courtesy of Fabion Seaton of Constellation)
Nuclear, as an investment, should be valued for its environmental, social, and governance aspects, Seneviratne said. Increasingly, this is the case.
“The growing recognition of nuclear as an ESG investment category will only make it bring in more people who are advocates or natural allies for the expansion of nuclear,” Seneviratne said. “ I think the moment that this climate change will be solved is when the oil and gas companies decide that they can make more money selling nuclear than by selling solar (and) wind plus gas.”
Organized labor can play a key role in the future of nuclear energy in the U.S. and abroad. According to Senevriatne, nuclear construction and operation workers are among the best-paid, while solar panels in the U.S. are most often constructed in China and installed by low-paid migrant workers.
“Labor is a key constituent in the fight for an industrial prosperous society,” Seneviratne said. “It is important and we are happy that labor stepped up and spoke about the need for nuclear in Illinois, in New York, and elsewhere.”
The stigma against nuclear power still looms in the investing world, where there still is a “negative screening” category, giving people the option to exclude nuclear power from their investments. Seneviratne said that ESGs and a better knowledge of the electrical grid and nuclear power can help combat this. The aim of such policy is to take a long term approach to human health and climate considerations.
In March, Seneviratne moderated a screening of Oliver Stone’s film, “Nuclear Now”, a film illuminating the nature of energy, nuclear, and how the lights stay on.
“There's people protesting (nuclear) climate action, who largely don't understand the energy system and what it takes to kind of keep the lights on,” Seneviratne said. “I think the biggest contribution that the Oliver Stone documentary makes is going through the biological and scientific ideas of low-level radiation is not a uniquely dangerous threat that you have to fear and regulate into nothingness.”
For a substantial change and shift towards new nuclear construction, Seneviratne said, nuclear power needs to be rewarded for system-level benefits like low carbon and an essential, sustainable source of clean energy. If this were to happen, he sees a massive movement towards nuclear power.
“If the steadily rising carbon prices fall in place, I think there'll be a huge rush towards nuclear,” Seneviratne said.