On this day in economic and financial history…

The worst nuclear accident in American history took place near Middletown, Penn., on March 28, 1979. That day, the problematic Three Mile Island nuclear plant reached partial meltdown, beginning in the morning after pumps for cooling water malfunctioned, which would not have been critical if a pressure relief valve had not also failed during the automatic shutdown process. The reactor core overheated, and plant operators — unaware of the failure — reduced coolant flow, exacerbating the overheating and causing a rupture in zirconium storage tubes.

The only saving grace in this disaster was the reactor’s containment walls, which limited catastrophe to the immediate area. However, the core meltdown’s chain reaction created unexpected radiation problems two days later, and Pennsylvania Governor Richard L. Thornburgh announced the evacuation of pregnant women and school-age children within five miles of the reactor. A radioactive hydrogen bubble in the pressure vessel’s dome brought the crisis to its final panicked apex before it was determined that it would not cause further harm. Cleanup proved to be a drawn-out process, as 40,000 gallons of radioactive waste released into the Susquehanna River would not be fully dealt with until 1993, at a cost of roughly $1 billion.

The incident led to a strengthening of nuclear regulations and nuclear plant design. It also led to a radical re-evaluation of the use of nuclear power in the United States. After the meltdown, 51 nuclear reactors proposed for construction were canceled in just five years, and no new plants were approved for construction until 2012. The meltdown effectively froze the American nuclear power industry at that point in time. The Three Mile Island reactor that melted down has been permanently decommissioned, but the other reactor — which has never had a safety incident — is still operated today by Exelon , the nation’s largest nuclear-power operator.

As the nation moves increasingly toward clean energy, Exelon is perfectly positioned to capitalize on having the largest nuclear fleet in North America. This strength, combined with an increased focus on balance sheet health and its recent merger with Constellation, places Exelon and its resized dividend on a short list of the top utilities. To determine whether Exelon is a good long-term fit for your portfolio, you’re invited to check out The Motley Fool’s premium research report on the company. Simply click here now for instant access.

Japanese merger mania
The Bank of Tokyo and Mitsubishi Bank, two of Japan‘s largest financial institutions, announced plans to merge on March 28, 1995. This combination would surpass Sumimoto Bank, also of Japan, as the world’s largest, with combined assets of $817 billion. The Japanese markets, then about five years into one of the worst long-term slides in financial history, were not kind to this merger. Five years after the announcement, the combined Bank of Tokyo-Mitsubishi had only $700 billion in assets …read more
Source: FULL ARTICLE at DailyFinance