Styles of Revaluation: The Case of the Levelized Cost of Electricity

Making new nuclear investments is a challenging task. Their “value” is neither given nor stable: It is constantly being reformulated through processes of evaluation and, therefore, of valuation. The paper follows the specific uses of a standard method, the levelized cost of electricity, by different centers of calculations during a period marked by the intense scrutiny of nuclear energy policy and of the adoption of alternative nuclear fuel cycle technologies: from the George W. Bush administration through the beginning of the Barack Obama administration. Rather than concentrating on the finality of those calculations and their subsequent effects on the reordering of spent nuclear fuel as “waste” or “value,” the author develops the notion of “style of revaluation” and shows how concerned actors enacted different logics of valuation and embedded different audiences in their uses of the same calculative device. The paper characterizes two styles of revaluation related with this period. In the first style, referred to here as the “monetary figures of dissent,” a multitude of disagreements over political and moral values associated with alternative fuel cycle technologies are translated into into the language of economic expertise and monetary figures, while policy makers are designated as the audience for the calculations. In the second style, which the author refers to as the “return-on-investment,” financial investor at large is considered as the audience for the calculations, and investment is to be guided by the morality of the return-on-investment. Such assessments are critical for science and democracy. It is crucial that their designers and users, whether those are academics, practitioners, or policy makers, acknowledge and articulate moral and political values they inscribe in them.