What concept does wise investing share with assuring an adequate supply of energy? The answer is "diversification," according to Georgia Public Service Commissioner Stan Wise Jr.

"Diversification applies as much to our energy resources as it does to our stock portfolios," said east Cobb's Wise, one of five members of the elected PSC board. "We must have a balanced mix of electric power resources, including hydro-electric, coal, natural gas, nuclear and renewables, like biomass and landfill methane in the Southeast, as well as conservation and efficiency. They all play a part in making sure our citizens have the reliable, affordable power they need, when they need it."

The sharp rise in fuel costs in recent years has taught a painful lesson - and one that we should not quickly forget every time prices decline a bit: We must not limit ourselves to one energy source or one fuel source, Wise warned at Wednesday's meeting of the Marietta Rotary Club.

Some say the answers are greater conservation, or greater use of renewable fuels, like windmills and solar panels.

"However, especially when the economy comes roaring back, conservation won't be enough to offset new sources of generation," Wise said. "Some of these critics may be content to shiver through the winter or sweat through the summer, but that doesn't mean we all should."

And as for the renewables, wind energy is efficient in the Midwest and a few other places where you have wide-open spaces and lots of wind.

"But consider that General Electric says their most popular wind turbine generates 1.5 megawatts. According to the GE Web site, its blades sweep an area almost as large as a football field and reach an overall height as tall as a 30-story building. A huge expanse of, say, 100 of these giant turbines spread for miles across the landscape would generate about the same amount as a single small coal unit - if the wind is blowing. If the wind is not blowing, we need another power plant there to back up those turbines. That could mean doubling your investment."

Likewise, solar power works best in the Southwest, but it also takes a lot of land.

"For instance, a solar site in western Spain uses almost 150 acres to produce 10 megawatts. Fifteen of these sites would equal that one small coal unit I mentioned - if the sun is shining. Again, if it's not shining, you need a source to back it up," Wise said.

There is only one source that can compete on the same scale as fossil fuels and with zero omissions - nuclear energy, he declared.

"Given the growing demand for power, given the volatility of natural gas prices and the uncertainties around the costs of coal, considering environmental protection and the potential costs of carbon regulation; this nation needs to add more nuclear generation to its fuel mix," Wise said.

Nuclear plants don't emit sulfur dioxides, nitrogen oxides or carbon dioxide. Nuclear generation avoids about one million tons of nitrogen oxide and three million tons of sulfur dioxide annually in this country, he said.

So how did we get this point regarding nuclear energy, Wise wondered. It has been produced safely in our country since the 1950s. More than 100 commercial nuclear generating units are licensed to operate in this country, and Georgia's first nuclear plant, Plant Hatch in Baxley, opened in 1975.

"Back in the early days, the promoters of nuclear energy predicted that it would be 'too cheap to meter,'" Wise said. "With Plant Hatch, they were just about right. Because Plant Hatch was built prior to the incident at Three Mile Island, it was not subjected to multiple changes during its construction, and therefore was finished for under a billion dollars - a bargain, as power plants go."

Georgia Power started work at Plant Vogtle, our second nuclear plant, near Augusta, in late 1975. But after Three Mile Island in 1979, there were so many changes required that its cost soared from less than $1 billion to about $9 billion, Wise said.

"We are now reviewing the certification request for two new units at Vogtle," he said. "The PSC will decide if the two new nuclear units are the best option for Georgians. We will review the costs to build the plant and determine if they are prudent before allowing the company to charge ratepayers.

"Nuclear plants are designed to meet base load needs. That means that they run at steady levels for long periods to meet the base level of demand that remains fairly constant throughout the year. They cost a lot to build, but less to operate. Once in service, they provide savings across their lifespan. For instance, Georgians should reap the benefits of a nuclear plant for 50, 60 years or more. But let's face it - the up-front capital costs can be huge."

During the Q&A at the conclusion of his speech, Wise noted that he supports President Obama's proposed drilling for off-shore oil, but said it is only "a good start."

"We will need a follow through to see if it's real," he said. "We're not likely to ever be energy independent again in this country, so we've got to do a lot of things to ensure we keep our position as the world's biggest economic engine."

And he warned that Obama's cap-and-trade program would be an economic disaster, especially for states such as Georgia where electricity is much cheaper than the national average.

Bill Kinney is associate editor of The Marietta Daily Journal.