and at reasonable prices over a period of time sufficient to amortize their investment. Obviously we cannot service the predicted demand from existing reserves and new reserves must be brought into being in unprecedented quantities if we are to validate the existing demand projections and to sustain their continued growth. When you think of all the unanswered questions, you cannot help but applaud the courage of the public utility companies in placing the orders that they have for nuclear-fired reactors and of the reactor manufacturers for entering into the commitments that they have made. Much of the costs of producing electricity by nuclear means is not yet nailed down by experience. The price of uranium is higher than the unreasonably low figures that were being suggested a few years ago. The cost of fabricating the nuclear plants that have been sold is considerably higher than had been anticipated by the manufacturers, and delivery schedules are slipping, and some of the new plants have encountered operating difficulties in the shakedown period. Change in safety standards and other design criteria have caused further cost increases and production delays. I am convinced that these are temporary problems and will be overcome but they could temper the near-term demand. They are factors that will influence decision making by the utility companies and we must remember that these private buyers have a choice. However, our problems do not loom large in comparison with our opportunities. On the demand side, forecasts of future consumption -7-