It’s not just a boogeyman. It’s the real reason. Regulations are responsible for most of the cost of nuclear power.In a counterfactual world with fewer regulations, I can believe that construction would be cheaper. But regulations don't explain why new projects have drastic cost and schedule overruns. The United States started building new AP1000 reactors in Georgia and South Carolina in 2013 [1] [2]. There were no regulatory changes/increases after 2013. But the projects went drastically over the budget and schedule numbers that they had in 2013.
The South Carolina project was ultimately canceled and the SCANA CEO ended up in federal prison: https://www.powermag.com/former-scana-ceo-will-land-in-priso...
Following the project's demise, an “exhaustive and multi-year joint investigation” was conducted by the U.S. Attorney’s Office, the Federal Bureau of Investigation, the U.S. Securities and Exchange Commission, the South Carolina Attorney General’s Office, and the South Carolina Law Enforcement Division. Marsh’s sentencing is the result of that investigation.
“Kevin Marsh deceived regulators and customers to financially benefit SCANA,” Susan Ferensic, special agent in charge of the FBI Columbia Field Office, said in a statement. “Unfortunately, Marsh’s and other executive’s actions resulted in South Carolinians bearing the financial brunt of the failed Summer Nuclear Station.”
“Due to this fraud, an $11 billion nuclear ghost town, paid for by SCANA investors and customers, now sits vacant in Jenkinsville, S.C.,” DeHart said.
The Georgia project is still in progress.
https://apnews.com/article/business-environment-united-state...
"Georgia nuclear plant’s cost now forecast to top $30 billion"
A nuclear power plant being built in Georgia is now projected to cost its owners more than $30 billion.
A financial report from one of the owners on Friday clearly pushed the cost of Plant Vogtle near Augusta past that milestone, bringing its total cost to $30.34 billion.
...
When approved in 2012, the third and fourth reactors were estimated to cost $14 billion, with the first electricity being generated in 2016. Now the third reactor is set to begin operation in March 2023, and the fourth reactor is set to begin operation in December 2023.
It's reasonable to say that a pacemaker costs more to develop than an MP3 player because medical devices are heavily regulated by the FDA. But it's not reasonable to say that a project to develop a new pacemaker is 100% over budget and 7 years late because of FDA regulations if the FDA regulations didn't change in the mean while. In this case, the regulations didn't change. So earlier estimates were due to fraud or incompetence (either execution-incompetence or planning-incompetence). I tend to blame incompetence -- after all, many megaprojects end up horribly late and over budget, not just nuclear ones -- but in the case of South Carolina's VC Summer there was outright fraud too.
[1] https://en.wikipedia.org/wiki/Vogtle_Electric_Generating_Pla...
[2] https://en.wikipedia.org/wiki/Virgil_C._Summer_Nuclear_Gener...